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Annual Reports and Accounts

Investing in tomorrow – Annual Report and Accounts 2023

Key highlights include:

  • Across its three programmes, British Patient Capital manages assets with a total value of £3,075m.
  • Investments since inception totalled £1,898m across 70 fund commitments, six co-investments, and 16 Future Fund: Breakthrough deals.
  • Total commitments, including capital from other institutional investors, now total £13bn.
  • In 2022/23, we made eight new fund commitments and two co-investments from the core programme, and 10 direct investments via Future Fund: Breakthrough.
  • Announced the first investment through our Life Sciences Investment Programme.
Annual Report 2023Download (PDF 3.17 MB)

Investing in Innovation – Annual Report and Accounts 2022

Key highlights include:

  • Across its three programmes, British Patient Capital now manages assets with a total value of £3,075 million.
  • Investments since inception totalled £1,635 million across 61 fund commitments, four co-investments and five Future Fund: Breakthrough deals.
  • Total commitments, including capital from other institutional investors, now total more than £10.7 billion.
  • In 2021/22, we made 10 new fund commitments and two co-investments from the core programme, with a total value of £341 million.
  • The total portfolio Internal Rate of Return since inception for the core programme was 32.9% to end of March 2022, compared to 25.3% in March 2021.
  • The portfolio TVPI of the core programme was 1.80x, up from 1.51x the previous year.
Investing in Innovation – Annual Report and Accounts 2022Download (PDF 3.21 MB)

Accelerating Innovation – Annual report 2021

While the impact of Covid-19 led to profound difficulties for many individuals and businesses, it also highlighted the importance of innovation and the value of innovative companies to society and the economy.

British Patient Capital Annual Report 2021Download (PDF 8.16 MB)

Fuelling innovation, powering growth – Annual report 2020

British Patient Capital’s total commitments reach over £1 billion.

British Patient Capital Annual Report 2020Download (PDF 8.05 MB)

Investing in ambition – Annual report 2019

British Patient Capital establishes itself as a major player in UK venture and venture growth markets: Investing in 12 funds with £334 million of new commitments in its first year

British Patient Capital Annual Report 2019Download (PDF 5.25 MB)