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Scottish Widows Fund Expected to Include Two UK Quantum Companies
The CG Scottish Widows Growth LTAF has announced its first investments in UK science and technology, with Oxford Quantum Circuits and Quantum Motion among four companies expected to be included. Aberdeen Investments has appointed IP Group t
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Expected investments span quantum, batteries and healthcare
Scottish Widows, Aberdeen Investments and IP Group announced their first investments through the CG Scottish Widows Growth LTAF, connecting workplace pension savings with UK science and technology companies. The announcement says the investments will cover quantum computing, advanced battery technology and AI-enabled healthcare. It names Oxford Quantum Circuits, Quantum Motion, Nyobolt and Genomics Limited as companies initial investments are expected to include; it does not say that investments in those businesses have already closed.
Oxford Quantum Circuits is building commercially available quantum computing systems, according to the announcement. Quantum Motion is building scalable silicon-based quantum computers designed for mass adoption. Nyobolt’s ultra-fast-charging battery technology is advancing high-performance energy storage, while Genomics Limited applies AI, machine learning and large-scale genetic datasets to preventative healthcare and drug discovery.
The release does not disclose investment amounts, allocations among the four companies, or a timetable for individual investments. It says the initial investments will be deployed across areas of strategic importance to the UK and describes the fund’s wider remit as global private markets.
Aberdeen appoints IP Group to manage portfolio
Aberdeen Investments manages the growth sub-fund for Scottish Widows and appointed IP Group to manage a UK venture-growth portfolio within the CG Scottish Widows Growth LTAF. The announcement describes the arrangement as bringing private-markets exposure to workplace pension savers. It does not specify who selects individual investments.
The release says the fund is among the first UK pension schemes to actively allocate members’ capital to UK venture growth, connecting institutional capital with British businesses. Nalaka De Silva, Head of Private Markets Solutions at Aberdeen Investments, attributed the claim about being among the first active allocations to a UK defined-contribution workplace pension proposition to the partnership:
“This partnership turns intent into investment: We are extremely proud to deliver one of the first active allocations by a UK DC workplace pension proposition to back British science and technology companies for the long-term benefit of pension members.”
Nalaka De Silva, Head of Private Markets Solutions, Aberdeen Investments
De Silva also said the UK has scientific excellence, entrepreneurship and talent, while companies seeking to grow have lacked sufficient pools of patient domestic capital. The release presents the portfolio as a way to direct long-term pension capital toward UK businesses seeking to commercialise and expand.
Companies named in the initial slate
Scottish Widows Chief Investment Officer Peter Fitzgerald said the proposition connects workplace pension customers’ long-term savings with high-growth companies. He said those opportunities have traditionally been available mainly to institutional investors.
“We believe pension savers should be able to benefit from the growth and innovation taking place across the UK.”
Peter Fitzgerald, Chief Investment Officer, Scottish Widows
IP Group Chief Executive Greg Smith said the partnership would connect long-term pension capital with British innovation and create a pathway for pension savers to participate in the value created by technology companies. He said the fund’s first UK investments span quantum computing, clean energy and healthcare innovation, and described those sectors as areas where the UK could build globally significant companies.
The announcement frames the mandate as addressing a shortage of follow-on funding for companies ready to commercialise and expand. It does not provide projected returns or say how much capital the portfolio will allocate to any of the named companies.