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British Business Bank makes £40m commitment to Lansdowne Partners’ latest fund

Press release 14 May 2026

The British Business Bank has made a £40m cornerstone commitment to Lansdowne Partners’ latest fund as part of a £111m first close. The fund has also secured cornerstone commitments from Aviva Investors and Lloyds Banking Group, demonstrating growing participation from UK institutional investors into venture capital in line with the objectives of the Mansion House reforms.

Founded in 1998, Lansdowne Partners is a UK-based investment firm that focuses on equity strategies. Lansdowne latest fund is the manager’s debut institutional growth fund focused on backing UK-based R&D-intensive scale-ups. The fund will identify high potential UK companies emerging from the UK’s world class research base and wider startup ecosystem, supporting them at key value inflection points as they scale up.

This strategy reflects Lansdowne Partners’ conviction that some of the most compelling investment opportunities today lie in scaling innovative UK companies whose intellectual property is often significantly undervalued relative to international peers. The fund will invest across a range of sectors, including healthcare data, quantum computing, natural capital, advanced materials, semiconductors, and defence technology. 

The fund aligns closely with two of the Bank’s core strategic objectives, both increasing the availability of scale-up capital and mobilising institutional capital into the UK’s innovation economy. 

Christine Hockley, Managing Director and Co-Head of Funds at British Business Bank, said

The UK has one of the world’s largest venture capital markets, but there remains a significant opportunity to increase participation from domestic institutional investors. We are now seeing tangible momentum behind the Mansion House agenda, with pension funds and insurers increasingly looking at how they can access the growth potential of UK companies. Lansdowne’s first close is a strong example of progress in the mobilisation of UK institutional capital into the UK’s innovation economy.

Chris Smart, Director at British Business Bank, said:

There is a clear alignment between Lansdowne’s strategy and the Bank’s objectives. The UK has a strong track record of generating breakthrough technologies, yet there remains a shortage of scale up capital. Lansdowne’s strategy is designed to address that gap, supporting more UK IP rich companies to access the capital they need to develop into globally competitive businesses.

Peter Davies, Partner and Head of Developed Markets at Lansdowne Partners, said:

“We are incredibly excited to be working alongside such a strong group of institutional partners on this initiative. The UK has at least as much intellectual property per capita as any country in the world. Yet too often the companies built around those ideas struggle to access the capital needed to scale globally. By backing a concentrated set of exceptional businesses with substantial capital and disciplined strategic guidance, we aim to help them realise their potential to be global leaders and drive domestic economic growth while delivering strong returns for our investors.

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Notes to editors

About the British Business Bank 

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country.  

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses. 

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.  

British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages. 

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Lansdowne Partners or its products or services.

About Lansdowne

Founded in 1998, Lansdowne Partners is a London-based global investment management firm with over $11 billion in assets under management. Our objective is to generate compelling long term financial returns by employing exceptional investment talent within a leading-edge operational and compliance infrastructure. Our investment teams focus on Developed Markets and European strategies across a range of vehicles, using an approach grounded in rigorous fundamental research and deep engagement with companies

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