£500m government-backed fund-of-funds programme administered by British Business Investments (BBI subsidiary of British Business Bank). Launched 2018, addresses patient capital gap. Invests via cornerstone commitments in established private fund-of-funds targeting growth/scale-up stage. Recent commitments: Adams Street (€60m, 2024), Wilshire (€50m, 2022), Isomer Capital (€100m co-invest). Enables c.4 experienced managers; co-investments in UK Stage B+ companies. Targets commercial return rate, diversified underlying portfolio of VC funds.
Investment Focus
Investment Thesis
Fund-of-funds model targeting later-stage VC growth capital. Cornerstone investor in large-scale private-sector managed funds betting on UK/European innovative high-growth businesses. Seeks commercial returns; avoids direct SME investment. Pari passu terms w/ private investors. £500m total commitment; c.£431m deployed to 7 funds (Apr 2023). Government subsidiary model: leverages BBI expertise to crowd-in institutional capital. Tech-focused, emphasises experienced fund managers w/ commercial discipline.
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