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Chair's report

our vision

British Patient Capital’s long-term vision is for more home-grown and fully-funded, high growth companies to fulfil their potential to be players on the global stage.

To achieve this vision, we’re addressing an historical lack of patient capital that has prevented ambitious, innovative firms from reaching their full potential.

With £2.5bn of funds to invest into venture and venture growth capital funds over the next decade, we’re working alongside institutional investors with the aim of bringing in a further £5bn of patient capital investment, unlocking a total of £7.5bn of finance for these types of firms.

As well as providing this additional funding, we also plan to encourage more investors into making allocations to this asset class by demonstrating to the markets that a long-term, patient capital investment strategy can produce commercially attractive financial returns.

In its first year, British Patient Capital has made strong progress, making a significant number of commitments to funds and quickly establishing itself as an important player in the UK market for venture and venture growth finance.

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Funds available to invest into venture and venture growth capital funds over the next decade

The Board

British Patient Capital launched in June 2018, following the conclusion of the government’s Patient Capital Review. As part of its inaugural Board, the business appointed two Non-executive Directors, Russ Cummings and Anne Glover. During 2018/19, Anne stepped down from the Board, and I would like to thank her for her insight and contribution to the early work of the business.

Hazel Moore was appointed as Non-executive Director with effect from 1 June 2019, bringing a wealth of experience in business and finance.

In October 2018, I was delighted to appoint Catherine Lewis La Torre as Chief Executive Officer of British Patient Capital.

The future of British Patient Capital

We want British Patient Capital to become a permanent and integral part of the UK’s finance landscape, unlocking more institutional funding whilst making its own commitments to funds.

Once we’ve established a strong track record, and have proved the value of patient capital as an asset class, we intend to privatise British Patient Capital at an appropriate time in the future. We would expect the company to continue to specialise in providing venture and venture growth finance to build the world-beating companies of the future.

As we continue to build our portfolio, we remain focused on funding the innovative UK companies of today so they can become the global success stories of tomorrow.

Keith Morgan



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