A strategy to invest up to £3 million into a private equity fund to develop the circular economy has been announced by the London Waste and Recycling Board (LWARB).
The organisation wants a private equity partner that will invest the funds into venture-stage or growth-stage businesses that will help accelerate the move to a circular economy in London.
LWARB has already contributed £18 million to the London Green Fund, launched in 2009, and over the last four years has directly invested in a number of waste infrastructure projects in London.
The new fund’s focus is likely to be on innovative waste management technologies, and may also emphasise less capital-intensive, asset-light business models in the wider circular economy sector.
LWARB chair Richard Tracey said: “London is growing and we will need increasingly to find innovative ways of preventing waste and dealing with unavoidable waste.
“With this fund we hope to continue supporting the development of infrastructure and businesses in London, and also accelerate the move to a circular economy in the capital.
“It’s this kind of approach which will reinforce London’s position as a global hub of expertise and job creation in this emerging sector.”