British Patient Capital was launched in June 2018 following the publication of the UK government’s Patient Capital Review. Led by HM Treasury, the Review found that whilst the UK provides a fertile ground for innovation to thrive, a lack of access to long-term finance, or patient capital, has prevented some UK companies from scaling up and fulfilling their full commercial potential.
In response, British Business Bank, the government-owned business development bank, created British Patient Capital as a commercial subsidiary, with an initial £2.5bn to invest over 10 years in venture and venture growth capital, which will unlock an additional £5bn of private capital to support UK companies with high growth potential.
Since launch, we have become the UK’s largest domestic investor in venture and venture growth opportunities, managing both a funds and a co-investment programme. In July 2021 two new products were introduced, the £200m Life Sciences Investment Programme, and the £375m Future Fund: Breakthrough initiative.
For the latest information on our work, our Annual Reports and Accounts can be found here.