British Business Investments commits up to €60m to Adams Street Partners
British Business Investments today announces a commitment of up to €60m to Adams Street Partners’ (“Adams Street’’) first European Venture Fund. The commitment, which is made through the Managed Funds programme, will back innovative businesses across the UK and Europe. The European Venture Fund is Adams Street’s first commingled fund focused on Europe.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to improve access to alternative finance for smaller businesses across the whole of the UK, while supporting the UK’s transition to a net zero economy. Since it was established in 2014, British Business Investments has committed more than £3.8bn to providers of finance to UK smaller businesses.
British Business Investments’ Managed Funds Programme seeks to draw more institutional capital into the UK’s venture and growth capital markets and increase access to longer-term patient capital for ambitious and innovative companies with high growth potential. The programme expects to generate a commercial rate of return and will build a diversified portfolio of underlying fund and company investments, which will be selected and managed by experienced alternative asset managers.
Adams Street is a long-term investor in UK and European venture capital, having made its first commitment in 2000. Adams Street has consistently deployed capital to the asset class over more than two decades, with more than $1.6bn committed to European venture capital funds to date. Adams Street believes that there is a compelling opportunity to deploy from a dedicated European venture fund of funds going forward. The firm manages $59bn in more than 30 countries across five continents across venture, primary, secondary, growth equity, credit, and co-investment strategies.
Adams Street will primarily make commitments to venture capital funds and direct investments into European venture-backed companies, supporting innovative businesses in the technology and healthcare sectors. A significant portion of the fund will invest into growth and later-stage investment opportunities, fulfilling a key objective of the Managed Funds programme.
Adam Kelly, managing director, British Business Investments said: “Adams Street Partners is a large and well regarded asset manager with extensive experience in venture investing. By committing to their new European Venture Fund, British Business Investments will be supporting the growth journey of early and late-stage innovative companies across the UK and Europe.”
