Coller Capital, a UK-based secondaries specialist, is taking a large stake in a technology venture fund set up by Royal Dutch Shell to back innovative projects in the oil and gas sector.
Coller will take a 45 percent stake in Shell Technology Ventures Fund 1, a venture fund that will be 55 percent owned by Shell but managed independently.
The fund will invest in new technologies for use in oil and gas exploration and production, targeting both third-party companies and non-proprietary Shell technologies.
The fund will also incorporate Shell Technology Ventures’ current portfolio of 34 technology investments, including Enventure Global Technology, Well Dynamics and Swellfix.
Coller Capital chief executive Jeremy Coller said: “Shell has an outstanding, globally recognized, R&D capability and we believe that, through this joint venture, we will be able to help them strengthen their lead in technologies for the energy sector.”
Coller was still a big believer in the venture industry, he added. “Many investors consciously avoid venture capital, but we have always been enthusiasts and have created fruitful partnerships with many of the world’s leading technology players.”