Northern Gritstone, an investment business focused on university spin-outs and IP-rich businesses in the North of England, has held its final close with £312m in capital commitments, anchored by investments from local authority pension funds.
More than £150m of the funding commitments have been provided by South Yorkshire Pension Fund, West Yorkshire Pension Fund, Greater Manchester Pension Fund, Merseyside Pension Fund and East Riding Pension Fund.
These have been boosted by additional investments from the metro mayors for Greater Manchester, West Yorkshire and South Yorkshire, showcasing the strong local support for Northern Gritstone’s aim to create a hub of technology and innovation in the region.
Chaired by Lord Jim O’Neill and led by Chief Executive Duncan Johnson, Northern Gritstone has also secured the support of a large number of institutional investors including M&G, Columbia Threadneedle, British Patient Capital (part of the British Business Bank), Lansdowne Partners, and property investor Bruntwood.
The company has already announced investments in 15 companies in the region across advanced materials, health technology and AI as part of deals that have contributed nearly £100m in funding.
Northern Gritstone says it will continue to increase its investments in these areas, tapping into the pipeline of developments in the North of England that include some of the UK’s most exciting future science and technology-enabled businesses.
