Greenhouse Ventures Limited, a London-based corporate venture consultancy which cites BAe and Zurich Financial Services as clients, has obtained regulatory approval from the Financial Services Authority to raise a £50m venture capital fund.
The fund will be managed by Greenhouse's sister company, DSG Venture Consulting, and aim to invest in non-core corporate assets that are being spun out of FTSE 250 corporations.
To manage the fund, Greenhouse has hired Alex Pegley, a former early stage investment and technology executive. Latterly Pegley was COO of e-capital investments, a quoted technology-focused early stage investment vehicle, where he managed £20m of proprietary funds. He has also worked for the UK Financing Division of Oracle.
Commenting on current developments at Greenhouse, Michael O'Leary-Collins, executive director, said: 'We are seeing an increased demand from enterprises for co-investors to help back spin-outs of non-core businesses and for very practical guidance on ensuring new ventures rapidly became successful profit centres.'
Greenhouse specialises in offering mid-size corporate clients that are looking to take a corporate venture style approach to managing their R&D to identify in-house investment opportunity and to implement suitable strategies. The company, whose chairman is Sir Paul Judge, was set up in 2000 and has ten staff, six of which are investment professionals.