The UK Innovation Investment Fund brings together public and private sector finance to back the best of British Innovation. The fund has appointed two managers, Hermes Private Equity and the European Investment Fund. There is a total pool of capital of £325 million. £200 million will be invested through the EIF's UK Future Technologies Fund in areas such as ICT, life sciences and advanced manufacturing. £125 million through the Hermes Environmental Innovation Fund will specialise in cleantech and low carbon. We expect these two funds to begin investing over the next few months.