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Application Process

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Investors Pathways Capital Microfunds- Prospective Managers Webinar

Thursday 24 September 2pm-3pm

Learn more about the opportunities available for first-time fund managers and how to get involved by rewatching the webinar.

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In progress

Cohort 2 will be open for applications from 16th November 2026 and completed Application Forms must be submitted no later than 11th January 2027 at 11:59pm.

While we aim to support fund proposals that closely align with the objectives of the Investor Pathways Capital initiative we may, at any stage, decide not to move forward with applications that, based on the information provided, may not fully meet the initiative’s eligibility criteria or goals. Selection of fund managers rests with the Development Equity Funds Team and is informed by thorough commercial, financial, and legal due diligence, along with any additional information or advice considered relevant.  

While the stages below outline the typical path, the process may vary slightly depending on individual circumstances and progression through the process is not guaranteed. Every proposal is treated with respect, and all those involved in the process are bound by strict confidentiality provisions to protect your ideas and information.

The application journey consists of the five stages outlined below:

Pre-Application Questions

Objective
  • A quick and simple way for potential applicants to check whether their proposal aligns with the high-level requirements of a Microfund.
What
  • A series of short, multiple-choice questions about your fund proposal.
  • You can revisit the questions and resubmit as your proposal develops.
Outcome
  • Eligible applicants will progress to Stage 0 – Initial Application and receive the full application form via email.
  • If not eligible, you will be informed that your proposal does not currently meet the high-level requirements
DocumentationN/A

Stage 0 - Initial Application

Objective
  • To gather detailed information about a proposal.
What
  • Applicants complete an application form covering their access to capital, team & expertise, investment strategy, track record, terms & structure, and fundraising.
Outcome
  • Applicants may be invited to progress to Stage 1 - Exploration Call
  • Applicants whose proposals are not considered the right fit will be notified and will not progress further in the current application round.
Documentation
  1. Application Form

Stage 1 – Exploration Call & Referencing

Objective
  • To understand the applicant, their motivations, and proposed strategy in depth.
  • Referencing will be undertaken to provide additional insight into the applicant’s experience and professional reputation.
What
  • Applicants will participate in a 60-minute virtual Exploration Call with at least two members of the Development Equity Funds team.
  • The first part of the discussion will focus on the applicant’s background, motivations, and ambitions. The second part will explore the proposed fund in greater detail, allowing the team to validate, challenge, and further understand key aspects.
  • The team will also conduct reference checks using the contacts provided by the applicant
Outcome
  • Applicants may be invited to progress to Stage 2 – Pitch Meeting.
  • Applicants whose proposals are not considered the right fit will be notified and will not progress further in the current application round.
Documentation
  1. Fund Model
  2. Track Record Proforma
  3. Reference List

Stage 2 – Pitch Meeting

Objective
  • To communicate the fund proposal to the wider Development Equity Funds team, enabling them to test key assumptions, and identify any areas requiring further clarification.
What
  • Applicants will be invited to deliver an in-person presentation to the Development Equity Funds team at a British Business Bank office in either Sheffield or London.
  • Each applicant will be allocated a pitch slot, during which they will present their fund proposal in full, followed by a question-and-answer session.
Outcome
  • Applicants may be invited to progress to Stage 3 - Due Diligence.
  • Applicants may be asked to provide additional information or clarification before a decision is made.
  • Applicants whose proposals are not considered the right fit will be notified and will not progress further in the current application round.
Documentation
  1. Pitch Deck

Stage 3 – Due Diligence

Objective
  • To undertake detailed due diligence on the applicant and fund proposal, validating key aspects of the opportunity and assessing its suitability for potential investment.
  • This stage enables the Development Equity Funds team to build a comprehensive understanding of the proposal and make a well-informed investment recommendation.
What
  • Applicants will be invited to complete a Due Diligence Questionnaire (DDQ) and provide supporting materials in a secure data room.
  • The Development Equity Funds team may request additional information, documentation, or meetings to clarify aspects of the proposal as part of the process.
Outcome
  • Applicants may be invited to progress to the Stage 4 - Investment Committee.
  • Applicants whose proposals are not considered the right fit will be notified and will not progress further in the application round.
Documentation
  1. Due Diligence Questionnaire
  2. Data Room

Stage 4 – Investment Committee

Objective
  • To secure final approval from the Bank’s Investment Committee (“IC”)
What
  • Prior to Investment Committee, applicants will participate in a socialisation session where they will present their proposal in breakout rooms to members of the Bank’s Executive Committee. This provides an opportunity for Executive Committee members to meet the applicants ahead of the formal decision meeting.
  • The Development Equity Funds team formally present the proposal to the British Business Bank’s Investment Committee.
  • If successful, the British Business Bank will proceed with awarding an Investor Pathways Capital mandate to the applicant.
Outcome
  • Successful applicants become Fund Managers under the Investor Pathways Capital, subject to Legal Execution and any conditions.
DocumentationN/A
Objective
  • To complete the legal documentation and satisfy any outstanding conditions required to establish and close the fund.
What
  • Applicants will work with the British Business Bank and its legal counsel to negotiate, finalise, and execute the legal documentation required to close the proposed fund.
Outcome
  • The fund successfully reaches close the British Business Bank’s investment is completed, or the fund does not reach close and the investment does not proceed.
Documentation
  1. Legal Documents
Microfund Assessment Criteria

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