British Patient Capital

British Patient Capital (BPC) is a pivotal player in the UK's venture and growth capital ecosystem, operating as a wholly-owned commercial subsidiary of the British Business Bank. Established with the strategic objective of addressing the UK's patient capital gap, BPC aims to foster the growth of innovative, world-class businesses by increasing the availability of long-term funding. Its mandate is to ensure that promising UK companies have access to the capital needed to scale and compete globally, thereby strengthening the nation's economic future.

BPC primarily functions as a fund-of-funds, committing capital to best-in-class UK venture and growth capital funds. This strategy allows BPC to diversify its portfolio and gain exposure to a broad range of high-potential companies across various sectors, including deep tech, life sciences, fintech, and artificial intelligence. As of September 2023, British Patient Capital had committed over £1.6 billion to 63 distinct funds, demonstrating its significant role in channeling capital into the UK's innovation economy. These underlying funds, in turn, have supported over 1,000 companies, highlighting BPC's indirect yet profound impact on the startup landscape.

Beyond its fund commitments, BPC also engages in direct co-investments alongside its partner funds. These co-investments are typically made into high-growth UK companies that have already secured investment from one of BPC's supported funds, providing additional capital to accelerate their development. While BPC does not typically lead investment rounds, its participation offers substantial follow-on funding. Over time, BPC has made 15 direct co-investments totaling £135 million, indicating an average co-investment size of £9 million. Based on their focus on growth-stage companies and the nature of co-investments, BPC's typical first cheque for direct company investments, as a co-investor, generally ranges from approximately $1 million to $30 million, depending on the specific round size and company needs.

By acting as a cornerstone investor in the UK's venture capital market, British Patient Capital plays a crucial role in building a robust and sustainable funding environment for innovative businesses. Its strategic investments help to de-risk the market for private investors, attract further capital, and ultimately enable the creation of more world-leading companies from the UK.