Anglo American Platinum has put up $100m for the platinum-focused venture fund, with South Africa's Public Investment Corporation the other cornerstone investor.

UK-based venture capital fund AP Ventures launched this week with $200m of capital, $100m of which came from Anglo American Platinum, the platinum-focused subsidiary of mining company Anglo American.

The remaining $100m came from AP Ventures’ other cornerstone investor, South African government-owned asset management firm Public Investment Corporation.

AP Ventures will invest in companies developing technologies or products that make use of the platinum group metals (PGMs) that Anglo American Platinum sources, including systems that can help integrate renewable energy or mitigate the effects of population growth.

Areas that could be covered by AP Ventures’s brief include hydrogen infrastructure, energy storage, fuel cell-based electric mobility, water purification, medical devices, sensors and durable electronics.

The fund will be based in London, in the UK, but plans to open a South African office as it looks to secure external limited partners. Its team was previously part of PGM Investment Programme, the strategic investment initiative created by Anglo American Platinum in 2014.

The latter will also transfer its existing portfolio, which includes stakes in gas-to-liquid technology developer Greyrock Energy, advanced battery developer Primus Power and food preservation technology provider It’s Fresh, to the new fund.

Chris Griffith, Anglo American Platinum’s CEO, said: “The launch of AP Ventures is an exciting new development which will support the growth of PGM technologies and increase PGM demand. Developing the market for PGMs is a strategic priority for Anglo American Platinum and this investment with AP Ventures is firmly aligned to that priority.

“Having enjoyed success and built a strong track record as part of Anglo American Platinum’s PGM Investment Programme, we have taken the decision to separate the fund’s activities into an independent structure that will attract additional outside investment and allow AP Ventures to increase the scale of its activities.”