Aviva Investors has announced the launch of a Venture and Growth Capital fund, with an initial £150m commitment from Aviva, as the group looks to "open up" investment opportunities for its defined contribution (DC) pension members.

This is the fourth fund to be launched by the company under the Long-Term Asset Fund (LTAF) regime, bringing the total value across the four funds to over £3bn.

The latest LTAF is structured as an evergreen fund, providing injections of investment capital at repeating intervals and with no fixed lifespan.

Featuring a UK bias, the LTAF will invest across multiple venture and growth stages in the UK, Europe, and North America, focusing on four key sectors: fintech and insurtech, healthtech, science and technology, and climate and sustainability.

The fund is set to receive an initial subscription of £150m from Aviva through assets and cash commitments, as it as it looks to provide opportunities for members in its default DC workplace pension business.

It also aims to build on the Mansion House Compact, of which Aviva was a founding signatory, and to support growth across the economy.

Aviva CEO, Dame Amanda Blanc, claimed the new fund would provide "vital financing" to some of the UK's most promising, high-growth businesses.

"Aviva is investing more and more in the UK to support growth and back Britain's flourishing early-stage companies and deliver great returns for our customers," she said.

Aviva Investors chief executive officer, Mark Versey, added: "This fund marks another step in our ambition to unlock the benefits of private markets for more investors and to be the go-to provider for the UK's DC and wealth markets.

"We are incredibly pleased to expand our LTAF range further, making it easier for investors to allocate more to these asset classes and to enjoy the returns and diversification they can offer.

"Targeting venture returns, we expect our new fund to help the companies of tomorrow get ready for the future, driving innovation and growth through investments that also have the potential to have a positive societal and environmental impact."

---