London CIV Set to Collaborate with British Business Bank on New Growth Fund
Funding | May 29, 2025 | British Business Bank Investments Ltd
Announced as part of the UK government's Pensions Investment Review, the London CIV, a Local Government Pension Scheme pool, has disclosed its intention to collaborate with the British Business Bank on the British Growth Partnership. The partnership aims to channel investments into the new fund, subject to due diligence and client fund approval. The focus will be on supporting early-stage UK growth companies by leveraging the British Business Bank's extensive experience and market access. As a key player in the venture capital space, the British Business Bank has received regulatory approval from the Financial Conduct Authority to begin providing investment services to clients, marking the formal launch phase of the British Growth Partnership. Other institutions, such as Aegon UK and NatWest Cushon, are also showing interest in the partnership, anticipating investments in promising high-growth UK firms. This initiative is expected to raise hundreds of millions of pounds, prioritizing long-term commercial investments in the UK's burgeoning innovation sector.
Sectors
- Private Equity
- Financial Services
Geography
- United Kingdom – This is where the involved entities, including London CIV and the British Business Bank, are based, and it is the focus of the investment initiative.
Industry
- Private Equity – Relevant as the article discusses the collaboration between financial entities to establish a private equity fund targeting early-stage UK companies.
- Financial Services – The article involves financial institutions and the establishment of a growth fund, which lies within the financial services industry.
Financials
- Hundreds of millions of pounds – This is the target fund size for the British Growth Partnership's initial fund, including a commitment from the British Business Bank.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| British Business Bank | PE Firm | Company | A UK government-owned business development bank supporting economic growth by making finance markets work better for smaller businesses. |
| London CIV | Investor/Participant | Company | The first Local Government Pension Scheme pool aiming to work with the British Business Bank to establish the British Growth Partnership. |
| Aegon UK | Investor/Participant | Company | A British life insurance company involved in pension, insurance, and investment services, now participating in the British Growth Partnership. |
| NatWest Cushon | Investor/Participant | Company | A financial institution agreeing to invest in the British Growth Partnership, focusing on UK growth companies. |