British Growth Partnership

The British Growth Partnership (BGP) seeks to provide a platform for UK institutions to invest into the UK’s fastest growing, most innovative companies. 

The British Business Bank has been at the heart of growing the UK innovation economy for more than ten years. We have a track record of investing in high growth UK companies, both through funds and directly, and are the largest investor in UK venture and venture growth capital funds^{Read footnote text 1}  and the most active investor in UK late-stage VC rounds^{Read footnote text 2} .

Leveraging this position, the British Business Bank has created the British Growth Partnership, an investment vehicle designed to address structural barriers and help pension funds increase their allocations to UK venture.

The initial fund (BGP Fund I) intends to invest in some of the highest-potential opportunities in the Bank’s venture capital pipeline. Investments from the fund will be made on a long term, fully commercial basis, drawing on the Bank’s capability and market access to high potential companies across the UK.

The initial fund will seek to raise hundreds of millions of pounds from UK pension funds and other institutional investors to invest into UK venture capital.

On 1 April, BGP Fund I announced a first close at £200 million. The first close partners are Aegon UK, NatWest Cushon and M&G, representing a substantial step forward in DC investors accessing UK venture capital. BGP Fund I is open for limited further investment.

Timeline

• ^{Return to footnote location 1}

  Source: Largest LP investor in UK venture capital via Small Business Equity Tracker 2024, from BBB analysis of Pitchbook data for UK VC funds between 2017 and 2023, based on the amount of capital committed and the number of commitments made to funds

• ^{Return to footnote location 2}

  Source: Bank analysis of Bank MI and Pitchbook data, 2022-2024, based on a ranking of most active investors in £30m+ UK VC rounds by number of deals