OMERS, ABP to Fund Startups
Pensions team up to boost "knowledge economy."
BY Caroline Cakebread | June 24, 2010
The Ontario Municipal Employees Retirement System (OMERS) and Dutch pension giant ABP announced a new joint initiative to fund start-up ventures in the knowledge economy in Canada and The Netherlands. OMERS made the announcement yesterday:
Today, pension funds ABP from The Netherlands and OMERS from Canada ring in the start of a unique joint initiative: the investment program INKEF Capital, which intends to invest in start-ups in the knowledge economies of both countries. A 15 year program, INKEF Capital is planning to deploy €200 million in Canada and the Netherlands over the first five years. INKEF stands for Investing in the Knowledge Economy of the Future and the program is meant as a double-edged sword. The pension money that INKEF Capital will invest in start-ups with innovative ideas and technologies will not only contribute to the returns for the pension holders of ABP and OMERS, but also to the development of the high-level knowledge economy. Furthermore INKEF Capital distinguishes itself from other investors by its long term investment horizon and active mentoring of the start-ups. (read the full text here)