Double diamonds: Big hitters spearhead new era for Cambridge Innovation Capital
Sir Nigel Wilson, one of the UK’s most prominent business leaders, becomes Chair while Panos Kakoullis, former Chief Financial Officer of Rolls-Royce Holdings plc, is named as a Non-Executive Director and Chair of the Audit Committee.
Sir Nigel, who led the FTSE 100 pensions giant Legal & General Group as Chief Executive for more than a decade and is the current chairman of Canary Wharf Group, will succeed Edward Benthall on September 25. Benthall retires after 12 years in the role, having been instrumental in the foundation of CIC and its subsequent growth.
Prior to Rolls-Royce, Kakoullis was Managing Director of Deloitte’s Global Audit & Assurance Business, having worked for the firm for more than 30 years.
CIC has £600 million of assets under management and has invested in more than 40 companies, including robotics developer CMR Surgical, microchip manufacturer Pragmatic Semiconductor and quantum computing business Riverlane.
CIC is a preferred investor of the University of Cambridge, with a long-standing collaboration agreement that provides the team with privileged access to the most promising investment opportunities emerging from the University.
The appointments of Wilson and Kakoullis strengthen CIC’s board during a pivotal time for the UK’s technology ecosystem. Technology and life sciences were among the high-potential sectors identified by the government in its recent Industrial Strategy, while the Mansion House Accord will see pension funds commit to increased investment in private assets.
Sir Nigel said: “It’s an exciting time to be joining CIC. With strong sector expertise and a central position in Cambridge, one of the world’s most powerful science and technology ecosystems, CIC has built an excellent reputation and a proven track record of investing in leading technology companies.
“Cambridge is home to world-leading scientists, with notable companies such as Apple, Arm, AstraZeneca, Microsoft, and Siemens located here. The 'Arc project' and Innovate Cambridge will deliver substantial economic growth to the region, further creating opportunities for CIC.
“I look forward to working with the team and its wider network of investors, co-investors, strategic partners and entrepreneurs, to support the next generation of globally impactful businesses emerging from Cambridge and beyond.”
Andrew Williamson, Managing Partner at Cambridge Innovation Capital, said: “Sir Nigel has demonstrated his vision and leadership over many years at the top of some of Britain’s most successful companies. With a globally recognised background in the financial sector, as well as working with successive governments in advisory and leadership roles, he will guide CIC during an exciting time for British technology and life sciences companies.
“With Nigel becoming Chair, we would like to express our sincere gratitude to Edward Benthall for his tremendous efforts in first establishing, and then chairing the firm over the last 12 years. CIC would not exist nor be where it is today without him.”
