Late-stage investor British Patient Capital deployed £341m in its latest financial year, with the majority (£228m) put into its core funds and co-investment programme.
The commercial subsidiary of the government-owned British Business Bank invested £341m across 10 fund commitments and two co-investments.
British Patient Capital now holds assets that are worth just over £3bn while its total commitment stands at £10.7bn, according to its annual accounts up to the end of March.
Four of its portfolio businesses – Wayve, GoCardless, Lendable and Thought Machine – all reached unicorn status this year by surpassing $1bn valuations.
Catherine Lewis La Torre, incoming CEO at British Patient Capital, said: “There is substantial dry powder within the British Patient Capital programme which will be available to support scaleup companies over the coming years.”
The report found that the firm’s core programme “internal rate of return” stood at 32.9% up to the end of March, an increase from a 25.3% rate in the year prior.
Investments made by British Patient Capital in the last year include biotech Nucleome Therapeutics’s Series A, Iceotope’s Series B and Oxford Quantum Circuits’ Series A.
“While the industry will not be immune to the increasing macro-economic uncertainty, the fundamental potential of the UK innovation economy remains strong,” said Russ Cummings, chair of British Patient Capital.
“Importantly, as a patient capital investor that invests independently of market cycles, we take a long-term view.”
Since its 2018 launch, British Patient Capital has backed 61 fund commitments, four co-investments and five Future Fund: Breakthrough investments at a value of £1.6bn.
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