ACCOUNTING giant KPMG is making its first move into investment management by setting up a fund focused on providing early-stage capital to data and analytics firms.
KPMG said the London-based fund, named KPMG Capital and not open to outside investors, will acquire and set up partnerships with data companies worldwide.
Several offices in the global KPMG network are believed to have contributed funds, bringing in around $100m initially, with more on tap for the right investment.
The fund is thought to be the first of its kind set up by an accountancy firm.
“With more data produced and stored in the last two years than in the rest of human history, many businesses are looking for strategic and practical solutions to manage the volume, velocity and variety of this data revolution,” said Mark Toon, chief executive of the fund.
“KPMG Capital will enable us to develop or acquire opportunities in data and analytics quickly.”
Toon joined KPMG in 2011, when the firm took over EquaTerra, the IT-focused advisory firm he helped launch in 2003.
Simon Collins, head of KPMG UK, said the company’s global reach combined with the fund’s capital will make it “the go to business partner in technology”.
KPMG opened a tech start-up hub in Shoreditch at the start of the year as part of its efforts to do more business in the technology sector.
All of the so-called Big Four accountancy companies – KPMG, PwC, EY and Deloitte – are diversifying away from their traditional bean-counting businesses into areas such as M&A advice, cyber-security and management consultancy in pursuit of revenue growth.