By Daniel Lanyon on Tuesday 3 November 2020
British Patient Capital is the largest domestic investor in UK venture capital.
British Patient Capital has committed more than £1bn to UK start-ups, including c.£130m to fintech, according to figures released by the organisation.
Now in its second year, British Patient Capital, part of the British Business Bank, delivers tax-payer money to venture capital firms.
In the 12 months to 31 March 2020, it made 11 commitments with a total value of £405m bringing its otal value of portfolio commitments to £1,004m across 42 funds.
It says the total portfolio Internal Rate of Return stands at 10.7 per cent. British Patient Capital’s largest commitments include $50m investment in Atomico’s fifth fund and $45m in Balderton Capital’s seventh fund.
While its investment strategy is sector agnostic, c.13 per cent of the cash has gone to fintech companies.
Judith Hartley, CEO, British Patient Capital, says the number of underlying companies within its portfolio has increased from 322 to 503 over the 12-month period.
"Many of these are leading edge, innovative companies operating in key sectors such as life sciences, AI & big data, cybersecurity and fintech, and are well-positioned to support economic growth as we adapt to the impact of Covid-19. While it is still early in the life of British Patient Capital and the funds to which we have made commitments, it is encouraging that we continue to achieve a positive return,” she said.