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Core funds and co-investment programme

We seek venture and venture growth opportunities with a UK focus. We look to build long-term relationships with best-in-class fund managers, and, via our co-investment strategy, invest directly alongside our fund managers in the most promising later-stage UK companies in our underlying portfolio.


Through our fund investments we enable the best managers to execute their planned strategy more effectively, and often to a greater scale. We achieve this by making a cornerstone commitment to enable a first close, or by boosting a fund to achieve optimal size.

While we invest in both venture and venture growth funds, our focus is on the venture growth stage. We will continue to make some investments to funds focused at the earlier stage, but these are to help build a pipeline of later-stage investment opportunities.

We invest on a fully commercial basis to maximise returns and manage risk – funds must demonstrate a strong and capable management team with a verifiable track record. When working with emerging managers, we seek out those with the long-term vision and potential to raise successor funds.

We do not have a sector specific focus, but we do invest with fund managers that invest in specific themes, and those that can leverage sectors and verticals where the UK is traditionally strong such as life sciences, deep technology and financial services.

In addition to our core funds and co-investment programme, we also run a £200m Life Sciences Investment Programme for specialist life sciences fund managers.


Our co-investment strategy enables us to increase the size of later-stage UK funding rounds, and is a significant part of our work to achieve our vision for more homegrown and fully-funded high growth companies to fulfil their potential.

We have a deep relationship with our fund managers, and are well positioned to identify and execute high-quality co-investments, acting as a long-term collaborative partner.

This approach enables us to increase our exposure to the most promising UK companies in our portfolio in a capital efficient manner, providing the potential to increase our return profile.

Please note that our core co-investment programme is only open to companies within our underlying portfolio. If you are an R&D intensive UK business looking for direct investment from British Patient Capital, please go to Future Fund: Breakthrough

Find out more

For further information, please see our Request for Proposals for fund investments.

Download request for proposal (.pdf, 273.83kb)

If you have any queries, please contact [email protected].