British Growth Partnership Fund I signals commitment from pension funds 

Three UK pension funds signal their commitment to invest into UK venture capital through British Business Bank, as the British Growth Partnership Fund I achieves a first close of £200 million.

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Three UK pension funds signal their commitment to invest in UK venture capital through the British Business Bank, as the British Growth Partnership Fund I achieves a first close of £200 million. Commitments from Aegon UK, Cushon Master Trust (NatWest Cushon) and M&G, demonstrate progress in driving venture capital allocations from Mansion House Accord signatories. 

This commitment marks the first time that the British Business Bank has raised external capital from multiple investors. It is also the first time that Aegon UK and Cushon have invested in UK venture capital, bringing two of the UK’s pension funds into the asset class. All three pension funds now have access through the fund to the venture capital opportunities from the Bank’s pipeline and a network of over 150 funds. 

The British Growth Partnership Fund I will make its first investment of £8 million into autonomous driving company Wayve, contributing to the Bank’s £25 million investment announced in February 2026, as part of its £1.2bn Series D funding round. This investment demonstrates how pension fund capital is already being deployed into UK scale-ups and can be accelerated by the Bank through the British Growth Partnership. 

The fund has potential to boost investment across the full range of high-potential innovative companies based in the UK. This is likely to include significant investment in life sciences and digital and technology aligned with the UK Government’s Modern Industrial Strategy. The fund has a direct investing strategy, co-investing alongside the Bank’s network of fund managers. Investments by the fund are made on a fully commercial basis, independent of government.  

Peter Kyle, Secretary of State for Business and Trade, described the announcement as:

A major step forward in Government backing the next generation of high growth companies. Through the British Growth Partnership, we’re unlocking much needed funding, to scale the most ambitious, and cutting-edge, innovators right across the UK – so they can grow faster here at home and compete globally.

Read the full announcement from the British Business Bank.

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