International law firm Simmons & Simmons has advised on the successful launch of the British Growth Partnership, which has achieved its first closing, raising commitments in excess of £200m. Originally announced by the Chancellor of the Exchequer and the Secretary of State for Business and Trade in late 2024, British Growth Partnership is a highly significant new initiative to increase long‑term UK pension fund investment into high‑growth and innovative UK companies.
Led by British Business Bank, British Growth Partnership builds on British Business Bank's well-established leading role in supporting the UK innovation economy. Over the past decade, the Bank has developed a strong track record as the UK's largest investor in venture and venture growth capital funds, backing high‑potential companies across the country.
British Growth Partnership will leverage the Bank's experience by raising substantial capital from UK pension schemes and other institutional investors, supported by a cornerstone government commitment. Investments will be made on a long‑term, fully commercial basis and independent of government.
Commenting on the transaction, lead partner David Williams (International Head of Financial Services and Tax) said: "It has been a huge privilege to work with the British Business Bank team on the launch of British Growth Partnership. We have a long record of supporting various of the Bank's other investment programmes, but BGP represents a huge step forward - strengthening the connection between UK institutional capital and the country's most innovative businesses. We are proud to have supported its launch."
