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British Patient Capital

Question for Department for Business, Energy and Industrial Strategy

UIN 92650, tabled on 22 September 2020

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps British Patient Capital is taking to ensure that the venture capital funds it invests in are supporting UK businesses to reach their potential.

Answered on

30 September 2020

As part of the Patient Capital Review, the Government consulted on potential barriers to accessing finance and the means to overcome them. Following the review’s conclusion in November 2017, my Rt. Hon. Friend Mr Chancellor of the Exchequer announced an action plan to unlock over £20 billion to finance growth in innovative firms over 10 years. The plan included additional resources for the British Business Bank, and the creation of its commercial subsidiary, British Patient Capital.

Established in 2018, British Patient Capital builds on over a decade of investing £1bn in venture and venture growth capital funds. Several of these funds are now major names in UK venture, and many of the British Patient Capital team bring with them the experience, knowledge and relationships gained working in predecessor programmes. These relationships and British Patient Capital’s reputation allow it to see and take advantage of opportunities others may not. British Patient Capital predominantly invests as a Limited Partner investor.

At the end of the last financial year, British Patient Capital’s portfolio consisted of 31 fund investments, with total commitments approaching £600m, making British Patient Capital the largest domestic investor in this asset class in the UK. Page 21 of British Patient Capital’s Annual Report and Accounts 2019 provides a sectoral breakdown and is available here: https://annualreport2019.britishpatientcapital.co.uk/assets/uploads/BPC_Annual_Report_2019.pdf.

Answered by

Department for Business, Energy and Industrial Strategy