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£500m fund (projected >£1bn). BBB/Phoenix partnership via LTAF structure (LIFTS prog). Managed by Schroders Capital. Growth-stage UK tech & life sciences (late-stage only). Fund operational since Nov 2024. Targets institutional/pension capital. No traditional mgmt team—govt programme with Schroders execution.
Check Size
£10M - £50M
Investment Focus
Investment Thesis
Govt-backed institutional VC via British Business Bank (£250m) + Phoenix Group pension capital (£250m). Growth to late-stage UK tech/life sciences only. Focus: AI, quantum computing, fintech, cybersecurity, oncology. 20% allocation to life sciences. Pari passu & co-inv models. No early-stage startups. DC pension fund access critical. Avoid pre-revenue, low capital-intensity firms.
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