UK - The £325m London Borough of Waltham Forest Superannuation Fund is still seeking to allocate £500,000 to venture capital following a "disappointing" presentation from London Ventures.
A spokesman for the local authority fund said the venture capital firm had so far not managed to sign up any clients for its latest offering - which would incubate companies in the Business Innovation Centre in Enfield - and the pension scheme had “a reluctance to commit themselves to something that hasn’t been tried and tested.”
London Ventures manages £7m for clients according to the British Venture Capital Association. Leo Dunne, investment manager at London Ventures, who is talking to a number of council-run funds in London, agreed there was a ‘chicken and egg’ situation, adding: “All London boroughs would like to see other investors in the fund before they invest themselves.”
Waltham Forest is currently looking at the possibility of investing in the London Regional Fund, a Department of Trade & Industry initiative, or may ask incumbent managers, such as Phillips and Drew, if they have any ideas. At the moment only investments in London-based start-ups will be considered, although this may change.
The scheme also said it had a bad experience in the past with one investment that is now worth £50,000 but originally cost £100,000 12 years ago.
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