Increasing the UK pension fund’s VC allocation to £200m, the dedicated VC sleeve signals Nest’s intent to strengthen its support for the asset class, part of a broader vision to expand its private markets exposure up to 30% by 2030.
LPs include IFC, FASA, Shell Foundation, Trafigura Foundation, Speedinvest, Blink Impact, FSD Africa and Cisco Foundation.
The backer of serial entrepreneurs across Europe, the UK and US has secured a $40m commitment from the British Business Bank.
'If you have a financial portfolio today that does not include venture assets or start-ups, you're effectively concentrating value in existing or past industries of the world,' says Thomas Kristensen, who leads LGT's venture team.
The fund, whose size has not been disclosed, aims to advance global connectivity and innovation, focusing on AI, automation, edge computing and intelligent data infrastructure.
Japanese strategic LPs are driven by a desire to bring emerging technologies into their operations, an interest in strategic relationships and a thirst for M&A or distribution opportunities.
The pension has been unenthusiastic about VC for the past decade, committing to just seven funds from three venture firms since 2016.
Menlo has doubled the size of its co-investment vehicle designed to give LPs exposure to Anthropic and other AI companies, a source tells VCJ.
Institutional investors need to broaden their thinking on nature-based solutions to find opportunities to match their risk profiles and scale.
CIO Leandros Kalisperas outlines plans for a fivefold increase in the development bank’s investment pace.