British Patient Capital Limited (BPC) publishes its 2020/21 Annual Report and Accounts
Today British Patient Capital Limited (BPC), a commercial subsidiary of the British Business Bank investing in venture and venture growth capital, publishes its 2020/21 Annual Report and Accounts. View the full report and press notice.
In its third year, BPC has continued to deliver strongly against its business plan and provide an attractive rate of return for the UK tax payer. This year, BPC made its first two co-investments, investing alongside its fund managers into two of the most promising companies within the underlying portfolio.
The number of underlying companies within the BPC portfolio has increased from 503 to 676 over the 12-month period to March 2021. Many of these are leading edge, innovative companies operating in key sectors such as cleantech, fintech, life sciences, AI & Big Data and cybersecurity, and are well positioned to support to drive the country’s wider economic recovery and future prosperity. There are several case studies in the report highlighting the range of innovations BPC has supported.
Key Highlights:
- BPC made nine new funds commitments and two co-investments with a total value of £297m in 2020/21 financial year
- Total value of portfolio commitments reached £1,293m across 51 funds and two co-investments
- While sector agnostic in terms of its investment strategy, there are eight themes evident in the portfolio. One is ‘clean growth, sustainability and mobility’ which makes up 7% of underlying companies.
- BPC is the largest domestic investor in UK venture and venture growth capital
- Total commitments to funds, including capital from other institutional investors, now total more than £7.3bn.
Separately, BPC has also just announced its participation in Ultraleap’s Series D funding round as Ultraleap announces the close of the round at £60m. The deal is one of the first investments from Future Fund: Breakthrough, a £375m programme where BPC co-invests with private sector investors in later stage R&D-intensive UK companies. You can read more here.
