The Financial Conduct Authority has granted regulatory approval to BBB Investment Services, the British Business Bank’s third-party arm to provide investment services.
This is a first regulatory step in preparation for the launch of the British Growth Partnership.
Announced at the London held International Investment Summit in October last year, the British Business Bank is to establish the British Growth Partnership, aimed at encouraging more UK pension fund and other institutional investment into the UK’s fastest growing, most innovative companies.
The initial fund will seek to raise “hundreds of millions of pounds,” including a commitment from the British Business Bank to invest in some of the highest potential opportunities in the bank’s venture capital pipeline.
The British Growth Partnership aims to utilise the British Business Bank’s market access and position as the largest investor in UK venture and venture growth capital.
Investments from the fund will be made on a long-term, fully commercial basis and separate from the government, leveraging the bank’s market access to a range of high-growth UK companies.
In November 2024, it was announced that Aegon UK and NatWest Cushon agreed to work with the new British Growth Partnership with a view to making investments in the initial fund.
Louis Taylor, CEO of the British Business Bank (pictured), said: “Receiving regulatory approval from the Financial Conduct Authority to provide investment services is a key step on our journey to launching the British Growth Partnership.”
And he added: “By unlocking hundreds of millions of pounds of domestic investment for the UK’s high growth businesses through the creation of the British Growth Partnership, the UK can capture the full commercial potential of its world class breakthrough technology companies while providing a legacy for future generations of pensioners.”
BBB Investment Services has also appointed three non-executive directors to the board, which will be chaired by Louis Taylor.
First is Hazel Moore, chair of FirstCapital, an international investment bank which provides mergers and acquisitions, private equity and growth capital advice to high growth technology companies which she founded in 1999.
Second is Tara Reeves, who has a track record in venture capital, investing in high growth private companies. She is a managing director at Eurazeo Digital, Eurazeo’s venture capital fund, as well as their specialist insuretech growth fund.
And Mike Weston, who has a successful record of leading UK pension schemes and institutional asset management businesses in the private, public and charity sectors. He was previously chief executive of LGPS Central and the Pensions Infrastructure Platform, and the chief investment officer for the pension schemes of Daily Mail & General Trust.
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