UCL Technology Fund 2 holds first close on £100m

It had a target of £100m and is domiciled in the UK.

The fund’s purpose is to bring UCL’s academic research in life, computer and physical sciences to commercial reality.

The fund’s predecessor, the UCL Technology Fund, closed on £50m in January 2016 and is now fully deployed.

Investors
UCL Technology Fund 2 has commitments from a combination of existing and new LPs, including cornerstone commitments from British Patient Capital, the largest UK-based LP investor in venture capital, and UCL itself.

A spokesperson for the firm told Unquote the fund also considered investors outside of Europe and North America.

Investments
Typical equity cheques start at £100,000.

The second fund has a pipeline of opportunities with UCL academic researchers. In the life sciences these include preclinical and clinical projects and spinouts. Based on gene therapy, cell therapy and drug discovery approaches, they are targeting a variety of indications, including rare diseases, cancer and ophthalmology. In physical and computer sciences the fund also has opportunities from the UCL AI Centre.

The firm has made 45 investments including 27 that became spinout companies and programmes intended for licensing that have subsequently raised external funding exceeding £1bn and creating more than 570 jobs, according to a statement.

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