Long-term Investment for Technology and Science (LIFTS) Initiative: PLSA Response

The PLSA broadly welcomes the LIFTS initiative and views it as providing an opportunity to build on the momentum made to address barriers to institutional investment into productive assets from institutional investors; in particular, DC pension funds. 

Additionally, we welcome the key principles of this initiative and view it as fostering a potential to stimulate the UK’s VC ecosystem, especially when observing the successes of similar initiatives abroad. However, while supportive of the principles, it is too early to be able to accurately determine outcomes of this initiative and the PLSA will need to see additional detail to evaluate these further. For instance, it was too premature to state whether the options for delivery will be effective in achieving the LIFTS objectives, as members emphasised that their participation will be entirely dependent on the investment case of each proposition, given that they are bound by their fiduciary duties. 

Lastly, the PLSA welcomes the Government’s engagement with the industry and wishes for this to continue while this initiative takes shape and is implemented to lead to a higher chance of success.