British Patient Capital’s total fund and co-investment commitments reach £2.3bn, retaining its position as the UK’s largest domestic investor in venture and venture growth capital. Total assets under management have now reached £3.125bn.

British Patient Capital committed a total of £381m in the year to March 2024, of which £296m was committed from its core funds and co-investment programme. The business now has 44 different fund managers in its portfolio, with an underlying portfolio of 1,350 companies, 162 more than in the previous year.

Highlights:

• Across its three programmes, British Patient Capital manages assets with a total value of £3,125m.
• In 2023/24, British Patient Capital made 10 new fund commitments and 5 new co-investments from the core programme, and 10 direct investments via Future Fund: Breakthrough, totalling £66m.
• Investments since inception totalled £2.287m across 80 fund commitments, 10 co-investments, and 18 Future Fund: Breakthrough deals.
• The funds in which British Patient Capital has invested have raised a further £13.4bn from third party investors.
• Analysis undertaken by the British Business Bank shows that since British Patient Capital was established, the UK has narrowed its overall VC investment gap with the US.

Maintaining an attractive long-term rate of return for the UK taxpayer:

• Performance since inception remains robust, with a total gain of £427m (realised and unrealised).
• The total portfolio Internal Rate of Return (IRR) since inception for the core programme was 12.5% to end of March 2024.
• The portfolio Total Value to Paid-in (TVPI) for the core programme was 1.38 to end of March 2024.

Christine Hockley, managing director, Funds, British Patient Capital, said: British Patient Capital has grown into a significant asset for the UK economy. Over the last few years, we have become the UK’s largest domestic investor in venture and venture growth capital, have delivered competitive returns for the UK taxpayer, and have helped to narrow the gap with the US’s venture landscape. That said, there remain structural challenges in UK venture capital funding and our most promising companies still need investors who can provide long-term capital in order to scale successfully.