Jerusalem Venture Partners, IQ Capital get National Grid Partners fund backing


National Grid plc’s venture investment arm has committed to a pair of private equity funds, marking its second and third fund investments at the intersection of energy and IT.

The investor has become a limited partner in Jerusalem Capital’s JVP VIII and IQ Capital’s third fundraise.

IQ had gathered £98m for a first close of its third flagship fund this time last year, with eyes on up to £125m for the vehicle.

Jerusalem Venture Partners, one of Israel’s biggest VC investors, hit a $220m final close for its eighth flagship fund in February.

National Grid Partners claims to be the utility industry’s first Silicon Valley-based investment and innovation firm.

The firm is aiming to invest $250m over three years with a focus on early and growth-stage companies.

NGP revealed its latest fund investments amid the addition of four new portfolio companies.

The firm has invested in Audio Analytic, Carbon Lighthouse, Copperleaf and GoCardless, expanding its portfolio to 12 companies with $90m invested to date.

National Grid is a $28bn electricity and gas utilities major operating in the UK and Northeastern US.

Copyright © 2019 AltAssets