UK launches $3.6bn high-growth fund

The new fund is being run by the British Business Bank and fulfils a 2017 Budget commitment from the Conservative government.

The British Business Bank has announced the creation of a new £2.5bn ($3.6bn) investment fund aimed at supporting high-growth companies in the UK.

The fund will be known as British Patient Capital and was originally flagged in Chancellor of the Exchequer Philip Hammond’s 2017 Budget last November.

Launching the fund, Hammond said: “The UK is home to some of the world’s most innovative companies and I want to make sure that they stay at the forefront of the tech revolution. So, British Patient Capital will provide an extra £2.5 billion for these cutting-edge businesses ensuring Britain remains one of the best places to start and grow a company.”

The fund will be seeded with around £400m of existing and approved venture and growth-fund commitments. These included two new investments: a £30m evergreen investment in venture capital firm Draper Esprit, and a further £9m in the Dementia Discovery Fund.

Two non-executive directors have been appointed to the board of British Patient Capital: they are Anne Glover, co-founder of Amadeus Capital Partners, and former Touchstone Innovations CEO Russ Cummings.

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