SovereignWealthFunds.comBritish Business Bank
British Business Bank: what it invests in
Geography Mainly domestic
British Business Bank: how big it is, and on what basis
In US dollars: about USD 7.96B. GBP 6.01 billion at the ECB rate of 0.7552 pounds per US dollar on 31 March 2026.
British Business Bank: what it publishes
Published 8 · Partly 2 · Not published 0
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The British Business Bank is the UK government's economic development bank. It backs smaller and high-growth firms through lenders, guarantees and venture and growth funds, and increasingly invests directly. It held GBP 6.01 billion of assets at 31 March 2026 within a permanent GBP 25.6 billion capacity, and made GBP 426 million pre-tax profit in 2025/26. S1
Key points
- Largest domestic investor in UK venture and venture growth funds, by its own account. S1
- Helped about GBP 9.4 billion of finance reach smaller firms in 2025/26. S1
- Funded commitments rose 40 percent: GBP 1.2 billion into funds, GBP 200 million direct and GBP 424 million in debt. S1
- Biggest tickets so far: USD 100 million into a fund and GBP 25 million direct. S1
- Five-year plan targets up to GBP 29.7 billion of delivery. S1
- Commercial investments NAV GBP 4,931 million; development investments GBP 916 million. S1
Interesting facts
Mandate and goals
A government mandate to make finance markets work better for smaller UK businesses, backed by GBP 25.6 billion of capacity and a five-year plan agreed in November 2025. S1
- Expand venture and growth capital across all UK nations and regions. S1
- Increase lending to small firms through guarantees and partner lenders. S1
- Draw pension and institutional money into UK growth companies. S1
- Deliver up to GBP 19.9 billion of Banking and GBP 9.8 billion of Investment over five years. S1
How it invests
| Industries | Technology, Healthcare and life sciences, Financial services, Renewables and climate, Industrials and manufacturing. Sector agnostic S1 |
|---|---|
| Asset classes | Venture capital, Private equity, Private credit S1 |
| Stages | Seed, Venture, Growth, Credit S1 |
| Geography | Mainly domestic S1 |
| Direct / through funds / co-invest | Yes / Yes / Yes S1 |
| Ticket size | Fund commitments up to USD 100 million and direct stakes up to GBP 25 million in 2025/26; first GBP 100 million tickets in 2026/27 S1 |
| Deal sizes seen | Up to USD 100M (fund) and GBP 25M (direct) in 2025/26 |
| External managers | Commits to venture, growth and debt funds and to partner lenders S1 |
| Co-investment programme | British Growth Partnership pools pension money for UK venture and growth funds S1 |
Asset mix: Growth (scale-up) funds, 2025/26 commitments 40%, Early stage (seed and series A) 32%, Debt products 24% (as of 2026-03-31) S1
Published criteria
- UK businesses and funds that invest in them. S1
- Commercial, through-the-cycle return over several years. S1
- Fills gaps in finance markets for smaller and high-growth firms. S1
Fund commitments
| Manager | Fund | Amount | Year |
|---|---|---|---|
| SV Health Investors | SV8 Biotech | USD 100M | Not published S1 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount |
|---|---|---|---|---|---|
| 2025 | Kraken. Joint largest direct investment to date, in the energy technology platform. S1 | Direct investment | Renewables and climate | Growth | GBP 25M |
| 2025 | Wayve. Joint largest direct investment to date, in the self-driving AI company. S1 | Direct investment | Technology | Growth | GBP 25M |
| 2025 | SV Health Investors SV8 Biotech. First USD 100 million fund commitment. S1 | Fund commitment | Healthcare and life sciences | Venture | USD 100M |
| 2026 | British Growth Partnership Fund I. Vehicle for pension money into UK growth funds; first close at end March 2026. S1 | New company or platform | Financial services | Growth | GBP 200M first close |
| 2025 | Growth Guarantee Scheme. Government-backed guarantees on lending to smaller firms. S1 | Direct investment | Financial services | Credit | GBP 3.7B lending |
| 2025 | Structured guarantee schemes. Additional capacity negotiated for portfolio guarantees to lenders. S1 | Direct investment | Financial services | Credit | GBP 3B extra over five years |
Case studies
Stepping up to larger tickets S1
- What: Made GBP 25M direct investments in Kraken and Wayve and a USD 100M commitment to SV8 Biotech.
- When: 2025/26
- Size: Up to USD 100M
- Why: To play a bigger catalytic role in UK venture and growth finance.
- Outcome: First GBP 100M fund and direct tickets followed in early 2026/27; 73 deals in the funded pipeline.
British Growth Partnership S1
- What: A fund that brings UK pension savings into venture and growth funds alongside the Bank.
- When: March 2026
- Size: GBP 200M first close
- Why: Pension schemes under the Mansion House Accord want UK growth exposure.
- Outcome: Aegon UK, NatWest Cushon and M&G joined the first close.
Investment process
A board and committees oversee the Bank, which runs Banking and Investment businesses. Regulated fund management sits in BBB Investment Services Limited, which has its own board. S1
| Committee | Role |
|---|---|
| Board of Directors | Approved the 2026 accounts on 16 July 2026 S1 |
| BBB Investment Services Limited board | Oversees regulated investment activity S1 |
- Managers and lenders bring proposals to the Banking or Investment teams. S1
- Proposals pass formal due diligence before commitment. S1
- Funded commitments are tracked against annual targets. S1
How to approach: Businesses apply to accredited lenders and funds; managers engage the Bank through its website. S1
Size and returns
- Headline size: GBP 6.01B (Total assets (balance sheet), as of 2026-03-31) S1 S4
- In US dollars: about USD 7.96B. GBP 6.01 billion at the ECB rate of 0.7552 pounds per US dollar on 31 March 2026.
- Total financial capacity (a limit): GBP 25.6B (Committed or authorised capital, as of 2026-03-31) S1
- Investment NAV: GBP 5.85B (Portfolio value, as of 2026-03-31) S1
- Returns: the fund does not publish a return figure.
Leadership
Governance and transparency
- Legal basis: Public limited company (company number 08616013) owned by the Department for Business and Trade S1
- Oversight: Board of Directors and the shareholder department S1
- Manages capital for the Department for Business and Trade and the National Security Strategic Investment Fund. S1
- Publishes climate-related financial disclosures. S1
Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
The Bank co-invests with private capital by design. Its fund commitments and the British Growth Partnership sit alongside pension, institutional and private investors in UK venture and growth funds. S1
- Fellow limited partner in Bank-backed UK venture and growth funds. S1
Reports
Common questions
How big is the British Business Bank?
GBP 6.01 billion of assets at 31 March 2026, within a GBP 25.6 billion capacity limit. S1
Who leads it?
David Hourican, Interim CEO since 1 October 2026. S3
How large are its tickets?
Up to USD 100 million into funds and GBP 25 million direct in 2025/26. S1
Is it an IFSWF member?
No. S2
Related profiles
- Bpifrance France · EUR 106.3B
- National Wealth Fund United Kingdom · GBP 27.8B
- Ireland Strategic Investment Fund (ISIF) Ireland · EUR 16.1B
- Espana Crece (ICO programme) Spain · EUR 13.3B
- CDP Equity S.p.A. Italy · EUR 12.44B total assets
- Polish Development Fund (PFR) Poland · PLN 49.77B
All sovereign wealth funds in Europe · All strategic development funds · All funds in United Kingdom
Sources
Disclaimer
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