Anglo American subsidiary invests in platinum technology funds

Anglo American announced on Tuesday that its 78%-owned subsidiary Anglo American Platinum, via its own subsidiary Anglo Platinum Marketing, has subscribed for interests in two UK-based venture capital funds with a total aggregate commitment of $100m.

The FTSE 100 company said Anglo American Platinum's commitment to the funds was matched by a $100m commitment from South Africa's Government Employees Pension Fund, represented by the Public Investment Corporation.

It said the funds would be managed through an independent fund management business, AP Ventures, led by two experienced former APML executives.

“The funds have been established to invest globally in companies which support the development of innovative and competitive technological uses of platinum group metals,” the Anglo American board said in its statement.

“The first fund will hold certain of APML's existing investments which have been made under APML's PGM investment programme.

“The second fund will be established to make new investments.”