The British Enterprise Financial institution has introduced that Aegon UK, NatWest Cushon and M&G are the companions for the primary £200m shut of its new Progress Partnership Fund I.
Having accomplished their funding diligence, the events are actually finalising phrases and structuring forward of the financial institution’s first shut, which it hopes to safe by the tip of the monetary yr, enabling the fund to start out backing high-growth UK corporations in 2026.
“In the present day’s announcement brings us one step nearer to mobilising institutional capital at scale into the UK’s quickest rising firms, each diversifying pension portfolios and offering a lot wanted scale up funding,” mentioned British Enterprise Financial institution chief government Louis Taylor.
“The British Progress Partnership will present entry to the Financial institution’s stay pipeline of scale up companies, offering a significant bridge between institutional traders and the UK’s thriving enterprise capital sector.
“We’re making sturdy progress with our preliminary fund and this information demonstrates the urge for food throughout the total spectrum of pension funds to extend allocations to UK enterprise capital.”
The British Progress Partnership, first introduced on the Worldwide Funding Summit, is a part of the financial institution’s ambition of encouraging extra pension capital to go towards quick rising innovation-based firms.
“As a signatory to each the Mansion Home Compact and the Accord, we’re dedicated to directing funding into revolutionary, high-growth UK companies and influence led sectors to ship higher outcomes for our pension savers while additionally supporting the UK’s progress ambitions,” mentioned a spokesperson for NatWest Cushon.
“The British Progress Partnership is a crucial step ahead to unlocking these funding alternatives. The funding due diligence is full, and we’re excited to maneuver ahead topic to Trustee approval.”
The British Enterprise Financial institution continues to work with different traders, together with the Native Authorities Pension Scheme London CIV.
