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PARIS, June 22 (Reuters) - Investment company IP Group on Wednesday announced the launch of its Kiko Ventures vehicle, which will invest in the fast-growing "clean technology" sector aimed at tackling climate change and protecting the environment.
IP Group said the Kiko team planned to invest 200 million pounds ($245.7 million) over the next five years, and that the Kiko vehicle would have more than 175 million pounds worth of existing assets upon its launch.
Valuations for renewable energy assets have risen sharply in recent years due to a global shift toward clean technologies and away from fossil fuels.
($1 = 0.8139 pounds) (Reporting by Sudip Kar-Gupta; Editing by Mark Porter)