British Patient Capital response to UK Venture Capital Financial Returns 2024 report

Despite managers reporting a challenging fundraising environment over the last year, there is clear cause for optimism with initial indications that exit conditions and valuations are improving. Overall, UK funds are keeping pace with the US and the reward of long-term capital is clear. In fact, despite perceptions, UK funds established after the dot-com crisis have delivered higher pooled DPI returns than both the US and rest of Europe. From a sector perspective, the research shows that life sciences funds have outperformed others when measuring realised returns, which is significant considering this is a sector often requiring extensive upfront R&D before commercialising.

The fact that British Patient Capital-backed funds have delivered higher median returns than the market on both DPI and TVPI measures shows we are delivering on our mission to enable long-term investment in innovative companies with the potential to become the UK’s next success stories.