Wellcome Trust launches £200m start-up fund

The fund, temporarily called Project Sigma, will draw from the foundation's endowment and focus on long-term investments in small and medium-sized businesses in the UK and Europe.

It will run as a directly owned and managed business aiming for returns in line with the foundation's existing venture returns of around 17% annually.

Investors
The Wellcome Trust will be the sole provider of funding, however, other funders may co-invest alongside Sigma. Sigma plans to build a team of four to eight staff.

Investments
Sigma is expected to make individual investments of various sizes ranging from £100,000 to over £50m. It plans to take stakes of 20-100%.

People
Nigel Keen has been appointed chairman of Sigma and Martin Murphy is chief executive officer.

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