UK-headquartered insurance provider Phoenix Group has formed a corporate venture capital vehicle dubbed Phoenix Venture Capital Partners, putting up an initial capital allocation of more than £100m ($137m).
Asset manager Aberdeen Standard Investments will help run the fund, which will target local startups adhering to its environmental, social and governance (ESG) criteria in areas including clean energy, financial and health technologies in a bid to boost employment opportunities in the UK.
Founded in 1857 as The Pearl Loan Company, Phoenix Group runs multiple insurance, savings and retirement services through subsidiaries such as Phoenix Life, Phoenix Wealth and Standard Life.
The company should not be confused with its Israel-based namesake, which also provides insurance services and which has also conducted corporate venturing activities.
James Mitchell, head of manager oversight for Phoenix Group, said: “The new venture capital fund will support healthcare, green energy and fintech entrepreneurs up and down the country, providing them with the capital and the expertise they need to level up and grow their businesses.
“Subject to market conditions, we intend to increase this allocation in due course as we see this as an attractive asset class, consistent with our policyholder’s objectives and values.”
