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London CIV first Local Government Pension Scheme pool to announce its intention to work with the British Business Bank on the launch of the British Growth Partnership

Press release 29 May 2025

Announced as part of the government’s Pensions Investment Review, London CIV has become the first Local Government Pension Scheme (LGPS) pool to announce its intention to work with the British Business Bank on the launch of the British Growth Partnership, with a view to making an investment in the initial fund when launched, subject to commercial negotiations, due diligence, and agreement from client funds.

London CIV is looking to add a private equity fund to its product range. It recognises the investment opportunity to support early-stage UK growth companies and as such is looking at a range of funds that are looking to raise capital to invest in the UK. 
London CIV joins Aegon UK and NatWest Cushon who have agreed to work with the new British Growth Partnership with a view to making investments in the initial fund.

Earlier this month the Financial Conduct Authority granted regulatory approval to BBB Investment Services Limited, the British Business Bank’s third-party arm, to provide investment services to clients, an important first regulatory step in the preparation for launch of the British Growth Partnership.

Announced at the International Investment Summit, the British Business Bank will establish the British Growth Partnership, encouraging more UK pension fund and other institutional investment into the UK’s fastest growing, most innovative companies. The initial fund will seek to raise hundreds of millions of pounds, including a commitment from the British Business Bank, to invest in some of the highest potential opportunities in the Bank’s venture capital pipeline.

The British Growth Partnership will utilise the British Business Bank’s market access and position as the largest investor in UK venture and venture growth capital funds1. Investments from the fund will be made on a long term, fully commercial basis, independent of government, leveraging the Bank’s capability and market access to a range of promising high growth UK companies.

London CIV’s goal continues to be developing investment solutions that reflect the evolving needs of our Partner Funds, particularly in areas such as private equity where demand continues to grow. This is a highly-positive step as part of our comprehensive process to deliver sound private equity solutions for London CIV Partner Funds – many of whom have lobbied London CIV to explore and pursue for some time. - Andrien Meyers Chief Commercial Officer, London CIV
This announcement is an endorsement of the work the British Business Bank is doing to support pension funds and other institutional investors to access venture capital opportunities. We are delighted to be working with London CIV as we prepare to launch the British Growth Partnership, demonstrating our objectives and vision for investing in the UK’s high growth businesses are highly aligned. By unlocking hundreds of millions of pounds of domestic investment for the UK’s high growth businesses through the creation of the British Growth Partnership, the UK can capture the full commercial potential of its world class breakthrough technology companies while providing a legacy for future generations of pensioners - Ian Connatty Managing Partner, BBB Investment Services

Announced at the International Investment Summit 2024 were reforms to the British Business Bank’s financial framework, putting the Bank’s £7.9bn commercial programmes on a permanent footing. This means the Bank can flexibly re-invest its investment returns over the long term to increase growth and prosperity across the UK.

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.

Further Information

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Notes to editors

About the British Business Bank
British Business Bank plc, registered in England and Wales, registration number 08616013, registered office Steel City House, West Street, Sheffield, S1 2GQ, a development bank wholly owned by HM Government. It 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 www.british-business-bank.co.uk.

BBB Investment Services Limited, registered in England and Wales, registration number 15662260, registered office Steel City House, West Street, Sheffield S1 2GQ. A wholly owned commercial subsidiary of British Business Bank plc. It is not a banking institution and does not operate as such. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. 
London CIV London LGPS CIV Ltd (‘London CIV’) is the investment pooling vehicle for London-based Local Government Pension Schemes (LGPS), which have combined assets of £50.8bn AUM (at March 2024). Authorised and regulated by the Financial Conduct Authority ('FCA'), the pool is owned by all 32 London boroughs and the City of London (also known as London CIV’s Partner Funds). 69% of London LGPS assets are pooled or under pooled management (c.£35bn), as at 28 February 2025. Within London CIV, there are 20 funds that invest in public markets and eight that invest in private markets, all of which have been designed with and are exclusively available to our Partner Funds. Our purpose is to work together to deliver sustainable prosperity for the communities that count on us all. More information about London CIV can be found at www.londonciv.org.uk 

Aegon UK, a DC pensions provider with £216bn AUA , has agreed to partner with the British Business Bank on the launch of the British Growth Partnership, with a view to making a substantial cornerstone investment in the initial fund when launched, subject to completing commercial negotiations and regulatory and due diligence processes. 

NatWest Cushon, a pensions and savings provider with a DC master trust with £2.8bn AUM has committed to work with the British Business Bank on the launch of the British Growth Partnership, with a view to the Cushon Master Trust making an investment in the initial fund subject to completing commercial negotiations, regulatory, and due diligence processes, and agreement from the trustees. 

 *As at end June 2024.

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