Funds we have invested in
We work closely with a number of funds to deliver the Enterprise Capital Funds (ECF) programme. See all the funds we work with and visit their websites using the links below.
Summary of ECF Cohort Performance
The table below presents aggregated performance metrics across ECF cohorts as of 31 March 2024, offering a high-level overview of how the programme has evolved over time.
Cohort Number | |||||||
---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | Total | |
Vintage | Apr 06 - Mar 09 | Apr 09 - Mar 13 | Apr 13 - Mar 16 | Apr 16 - Mar 19 | Apr 19 - Mar 22 | Apr 22 - Mar 25 | |
Committed £m | 215 | 173 | 265 | 531 | 649 | 345 | £2,177 |
Drawn £m | 224 | 189 | 261 | 483 | 301 | 43 | £1,500 |
Unrealised Value £m | 44 | 175 | 490 | 548 | 300 | 70 | £1,627 |
Total Distribution £m | 283 | 214 | 219 | 184 | 6 | 14 | £921 |
TVPI | 1.46 | 2.08 | 2.71 | 1.52 | 1.02 | 1.96 | 1.70 |
DPI | 1.26 | 1.14 | 0.84 | 0.38 | 0.02 | 0.33 | 0.61 |
IRR | 5.20% | 11.61% | 18.55% | 12.11% | 0.96% | 122.10% | 10.87% |
# Funds in Cohort | 8 | 4 | 7 | 9 | 11 | 6 | 45 |
# of SMEs | 111 | 87 | 160 | 282 | 246 | 92 | 943 |
# Unrealised investments | 17 | 35 | 89 | 159 | 227 | 92 | 597 |
% investment out of London | 66.4% | 45.5% | 50.9% | 35.6% | 38.6% | 34.8% | 43.2% |
Data extracted is as at 31st March 2024
Footnote
ECF funds are grouped into cohorts based on first close dates, enabling performance analysis that reflects the typical development stage of funds within each group. Cohorts are primarily organised in 3-year intervals, with the exception of Cohort 2, which spans four years to account for deal timing and to ensure a sufficient number of funds for meaningful comparison.
All figures are based on fund-level performance, aligned with the British Business Bank’s year-end internal audit process to ensure consistency and reliability. The performance data in the table is updated annually to reflect the most recent audited year-end results.
While the data presented reflects aggregated metrics across fund cohorts, individual fund performance may vary. These figures are intended to provide directional insight and should not be interpreted as indicative of any single fund’s performance. The ECF programme is a UK-wide initiative and does not have any KPI metrics governing investments made outside of London. This information has been provided in the table as a guide.
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