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Our 40th anniversary

(2023-24)

April 2023 marked 40 years of the BVCA acting as a unified and passionate private capital industry association, focused on shaping policy and highlighting members’ societal contributions.

BVCA members have been backing the people with the ideas to build businesses and transform society for the better, for four decades.

From the association’s founding in 1983, private equity and venture capital (private capital) have gone from being a fledgling industry to supporting businesses large and small, new and old, nationwide and internationally with billions of pounds of investment and know-how behind them.

Annual Review 2023-24: Partners for Growth

In April 2024, we published our ‘Annual Review: Partners for Growth’ – a summary of the 2023-24 membership year. The publication captures the issues that the BVCA has addressed on behalf of the industry, along with how the BVCA supported the industry via events, training and other activities.

Read here

To coincide with the publication of the Annual Review, we have produced an interactive timeline (below) summarising key BVCA activity from across the 2023-24 membership year.
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01/04/23

Annual Review 2023-24

Partners for Growth

BVCA proudly celebrates 40 years

April 2023 marked 40 years of the BVCA acting as a unified and passionate private capital industry association, focused on shaping policy and highlighting members’ societal contributions.

Since its inception in 1983, the BVCA has supported private capital by demonstrating how the sector backs people with great ideas, builds world-class businesses and helps to transform society for the better.

Over the year, we have reflected on the last 40 years of the private capital industry with a series of initiatives, reflections and content from members and industry leaders, which include videos, thought leadership and podcasts.
 
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Annual Review 2023-24

Partners for Growth

BVCA welcomes Garry Wilson as new Chair

In April the BVCA was pleased to announce Garry Wilson as the new Chair of Council, the association’s board of directors, taking over from Charlie Troup who was Chair between 2022-23.

Garry has over 20 years of business and private equity experience. He is Group Managing Partner at Leeds-based Endless LLP, which specialises in investing in turnarounds, special situations and value buyouts. Garry focuses on new investment opportunities, managing several of Endless’s portfolio businesses, while leading the growth of the firm.

In a thought leadership piece and a BVCA podcast, Garry shared his ambitions for the year ahead. In the podcast, Garry reveals how he got started in the industry, how the industry has changed over the last 25 years and how the industry can do more to showcase the great work that private capital does.

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Annual Review 2023-24

Partners for Growth

New economic contribution of UK private capital report published

In April the BVCA published its second report on measuring the contribution of private equity and venture capital to the UK economy. This study details the immense economic contribution that BVCA members and the industry make to the UK economy and jobs.

Since the BVCA launched the first economic contribution report, the number of jobs backed by private equity (PE) and venture capital (VC) across the UK has increased by 13% to 2.2 million workers in 2023, up from 1.9 million in 2021. This equates to around 7% of all jobs in the country. An additional 1.3 million jobs are indirectly supported by suppliers to PE and VC backed firms, which demonstrates the broader value of private capital to the UK economy.

The research, carried out by EY, also found that private capital backed businesses directly generate £137 billion of GDP in 2023, a 34% increase on the previous 2021 study, and equivalent to 6% of the UK’s total GDP.
 
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Annual Review 2023-24

Partners for Growth

Advocating for a more diverse, equitable and inclusive industry

In May, the BVCA published the joint BVCA and Level 20 Diversity & Inclusion report, looking at the representation of women and people of different ethnicities working in private equity and venture capital.

The data shows that there has been steady progress in the proportion of women at all levels, with senior female representation in investment teams rising from 6% in 2018 to 10% in 2021 to 12% in 2023.. Also encouraging is the increased engagement from the industry as demonstrated by supplying data and attending focus groups. That said, there remains a long way to go on the journey, with the ethnicity data, in particular, being disappointing.
 
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Annual Review 2023-24

Partners for Growth

Chancellor underlines industry’s crucial role in the economy at annual reception

We welcomed the Chancellor of the Exchequer as the keynote speaker at the BVCA’s annual Parliamentary Reception, where in his speech, he recognised the importance of the UK’s private capital industry to the economy.

With an audience of 140 attendees, Mr Hunt acknowledged the significance of the 2.2 million jobs backed by the industry across the whole of the UK, further underpinned by the £27bn of investment from private equity and venture capital in 2022. Quoting new data from the BVCA, he emphasised the importance of venture, growth and global capital in developing successes across the economy.

The reception also featured remarks from the Shadow Minister for Science, Research and Innovation, Chi Onwurah MP. Hosted by Bim Afolami MP, founders, investors, entrepreneurs, and parliamentarians came from across the UK to discuss the value that private equity and venture capital brings to businesses across the nations and regions of the UK. The full set of photos from the evening can be viewed below.
 
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Annual Review 2023-24

Partners for Growth

Advancing the industry’s ESG agenda

The BVCA’s ESG Conference was our first full-day dual-streamed event dedicated to ESG strategy, Impact Investing and ESG in VC. Expert speakers and panellists explored key issues and the latest hot topics, including biodiversity, nature credits, D&I, sustainability regulations, greenhushing, and LPs' perspectives on impact investing.

Takeaways included the need for material and business relevant ESG strategies to drive meaningful impact, as well as the need for more focus on the ‘S’ in ESG, specifically around D&I. The impact sessions opened an interesting debate on what the LP community want from impact investing. The VC sessions discussed the relevance of ESG in tech.

ESG will advance as a key theme across BVCA events in 2024. Read a series of reflections from the event below.

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Annual Review 2023-24

Partners for Growth

Venture and growth equity celebrated at High Growth Conference

The BVCA’s High Growth Conference brought together trailblazers from across the venture capital and growth capital communities. This founder-focused event included speeches from Gareth Davies MP and the Shadow Chief Secretary to the Treasury, Pat McFadden MP, who both recognised the crucial role private capital will play in future innovation and growth.

For the first time, both the seed-series A and growth strands were combined into a single day. The seed to series A strand welcomed Dr Ilan Gur to discuss the government’s new “£800m superlab” to develop moonshot technologies and founder stories and panels on topics such as deep tech, university spinouts, and venture debt were held. The growth stage featured panels on how to make the UK a growth superpower and how companies can expand into new markets with inspiring founders telling their stories.

Key themes throughout the day included the rise of AI, in terms of both investing and the potential impact on dealmaking, and the positive impact of Gen Z and DE&I, where panellists discussed ways to improve culture and diversity in VC and tech.
 
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Annual Review 2023-24

Partners for Growth

Mansion House reforms and BVCA policy engagement

In July, the Chancellor used his annual Mansion House speech to announce a package of reforms aimed at increasing UK pension scheme investments in private capital. Central to the announcements was a voluntary commitment by 11 of the largest UK DC providers to allocate at least 5% of their default funds to “unlisted equities” by 2030.

This followed long-term engagement by the BVCA to help unlock DC pension fund investment into private capital via workstreams such as the Productive Finance Working Group.

We continue to work closely with both Government and industry to explore how to accelerate broader UK pension investment into private capital funds. On the policy front, this has involved providing our industry’s perspective on a range of Government proposals to stimulate demand for private capital investment from LGPS, corporate Defined Benefit and Defined Contribution pension schemes.

Following the Chancellor’s speech, BVCA Chief Executive Michael Moore, spoke with Ian King on Sky’s Business Live to discuss the value that private capital can deliver for pension savers, high-growth businesses, and the wider economy.
 
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Annual Review 2023-24

Partners for Growth

Annual report on investment activity published

The BVCA’s Annual Report on Investment Activity revealed that £27.5bn was invested across almost 1,600 UK businesses by private capital investors in 2022. 9 in 10 UK companies receiving private investment in 2022 and were small or medium-sized – employing 250 or fewer people. Investment led out of the UK reached an impressive £46.9bn, as the UK remains a global hub for driving investment across Europe and beyond. Furthermore, technology-focused businesses in the UK attracted 47% of the total amount invested.

UK-managed funds had a record year, raising £70.2bn to be invested both in the UK and overseas. North American investors topped the list, with the largest capital contribution at £20.3bn. UK investors allocated £10.2bn – the highest figure in recent years.

Using data from the Investment Activity Survey and case studies from across our membership, we have produced a companion report titled ‘Private capital: rising to the challenges of turbulent times’. This report illustrates how British businesses are increasingly turning to private capital to grow and benefit our society.
 
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Annual Review 2023-24

Partners for Growth

Performance Measurement Survey reveals returns for investors remains robust

The BVCA in association with PwC, published its annual Performance Measurement Survey Report demonstrating the returns generated for investors by BVCA’s members up to 31 December 2022.

The report finds that all suitably mature funds launched in the past decade (with vintages between 2013 and 2018) have delivered a return of 19.7% p.a. This return is equivalent to investors almost doubling an initial investment generating a 1.84x return on capital invested across the past decade, including the value of unrealised investments as at 31 December 2022. The aggregate since inception industry return, that is since 1980, also remains robust at 14.7% p.a.

The report further highlights that the private capital industry has continued to outperform the public markets. The ten-year annualised return to December 2022 generated by UK-managed funds reached 17% compared to 6.5% in public markets and 7% generated by the FTSE All Share and FTSE 250 respectively over the same period.
 
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Annual Review 2023-24

Partners for Growth

Persuading the SEC not to apply Private Fund Adviser Rules to UK structures

We welcomed the confirmation that the SEC has explicitly excluded typical UK firms from its extensive new Private Fund Adviser Rules, based on our feedback.

These new rules constitute the most extensive regulatory intervention in the global private capital funds industry since the introduction of the EU’s AIMFD framework. US and other firms that are subject to the rules will have to comply with a raft of new requirements affecting preferential treatment of investors, fee disclosures and much more.

The BVCA’s successful defence of UK structures demonstrates the importance of targeted BVCA engagement directly with the SEC on issues that affect the UK industry, alongside ongoing co-operation with US private capital associations.
 

Annual Review 2023-24

Partners for Growth

UK private capital returns outperform the public market

The BVCA’s Performance and Public Market Equivalent Report reveals that private equity and venture capital funds managed from the UK by BVCA members have collectively outperformed public markets every year since 2001.

The report uses the data collected for the 2022 Performance Measurement Survey and applies two main Public Market Equivalent (PME) methodologies to compare the performance of private equity and venture capital to equivalent investments in the FTSE All Share Total Return and the MSCI Europe Gross Total Return Indices.

The results indicate that since 2001, investors would have earned 34% more from investing in UK funds managed by BVCA members than if they made equivalent investments in the FTSE All-Share Total Return Index and 41% more than if they invested in the MSCI Europe Gross Total Return Index, applying the same investment timings.
 
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Annual Review 2023-24

Partners for Growth

BVCA Summit – Private Capital. Public Value.

The BVCA Summit, our flagship event and the UK's premier private equity and venture capital conference returned in October and featured new dedicated private equity and venture capital streams. The conference explored the economic, social, and public contribution of private capital, and the outlook for the industry, bringing together over 800 attendees and leading figures from across the worlds of business, finance, and politics, for a packed agenda of debate and discussion.

At the conference, we welcomed a keynote speech from the Deputy Prime Minister Oliver Dowden MP, who spoke of the vital role private capital plays in “forming thousands of business success stories across the UK.”

The Labour Party’s support for the industry was showcased in the afternoon when the Shadow Economic Secretary to the Treasury Tulip Siddiq MP joined BVCA Chief Executive Michael Moore on stage. Tulip outlined Labour’s plans to grow the economy and the Party’s ambitions to work with private capital firms to tackle the climate crisis.

Discover a series of insights from the conference, covering key themes, below.
 
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Annual Review 2023-24

Partners for Growth

Excellence in ESG awards

The BVCA’s ‘Excellence in ESG’ awards returned for its fourth consecutive year. Sponsored by Ramboll, the ‘Excellence in ESG’ awards celebrated firms across the private capital industry who are spearheading outstanding ESG strategies and initiatives. Together with a new ‘Venture Capital’ category, a judging panel of multi-sector ESG experts assessed a large number of entries from across the BVCA membership, who have made vast improvements over the last 12 months.
 
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Excellence in Impact Awards

The BVCA also introduced the ‘Excellence in Impact’ awards, new for 2023, to celebrate the successes of our impact investment members. The entries showcased best practice in impact investing, alongside facilitating environmental and social solutions, whilst producing financial returns. Winning firms were presented with their awards at the BVCA’s Annual Summit Conference in October.
 
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Annual Review 2023-24

Partners for Growth

Political Party Conferences

At the 2023 Party Conferences from September through to October, the BVCA engaged with Cabinet and Shadow Cabinet Ministers on the importance of the industry as a partner for growth. We partnered with the Parties on their Business Days at all three conferences. Personalised flyers showing the impact of private capital businesses in constituencies, including case studies, were shared with Ministers and Shadow Ministers.

The Business Day Breakfast at the Conservative Party Conference in Manchester was addressed by senior ministers and BVCA Chief Executive Michael Moore. We also hosted a roundtable with a Treasury Minister and senior members of the industry.

At the Labour Conference in Liverpool, we hosted a Business Day panel with senior Shadow Ministers on the need for private investment to ensure that businesses can grow. Alongside this, we hosted a roundtable with Shadow Business and Treasury Ministers focused on green growth.

The team also attended the Liberal Democrat Party Conference in Bournemouth, where our Business Day panel explored how additional support can be provided to small and medium enterprises in the current economic climate.
 

Annual Review 2023-24

Partners for Growth

Launch of the Investment Compact

In October 2023, the BVCA launched the Investment Compact for Venture Capital & Growth Equity, a commitment by UK venture capital and growth equity fund managers to develop a long-term and constructive working relationship with UK pension investors.

The BVCA has been involved over many years in the policy considerations and key initiatives, such as the reforms to the charge cap and the Productive Finance Working Group, that have been aiming to remove the regulatory, cultural and operational barriers to allow defined contribution pension funds to invest in private capital.

The Investment Compact builds on the Mansion House Compact of July 2023, where 11 of the UK’s largest Defined Contribution pension providers committed to the objective of allocating at least 5% of their default funds to unlisted assets by 2030. These initiatives will seek to deliver on the Government’s objectives to increase UK pension scheme investment into venture, growth and other private capital funds as part of a diversified portfolio, which was set out in the Chancellor of the Exchequer’s Mansion House proposals.
 
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Annual Review 2023-24

Partners for Growth

Expanded learning and development with new digital learning courses

BVCA Training launched two new digital learning courses in Autumn 2023: Private Equity Explained and Venture Capital Explained.

Complementing our popular and long-standing 'Introduction to PE & VC essentials' classroom-based courses, users will gain a comprehensive understanding of key aspects of private equity and venture capital through current and real-life content, case studies and interviews with leading industry professionals. The courses are ideal for onboarding and will fast-track beginners and those new to the industry, allowing them to have confident conversations and apply the knowledge, skills and expertise straight away.

They also offer members a flexible approach to learning, accessible anywhere, at the learner’s own pace and with a 2-3 hour completion time.
 
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Annual Review 2023-24

Partners for Growth

Tax, Legal & Regulatory Conference

Technical specialists from across the private capital industry converged in London for the BVCA’s annual Tax, Legal and Regulatory (TLR) conference. As well as providing a detailed overview of the most important technical developments shaping the private capital industry today, the event was also an excellent networking opportunity for the 250+ BVCA members in attendance.

Designed and delivered by industry practitioners, the event provided expert briefing and technical insight on key policy developments, including navigating the latest developments in sustainability regulation, the SEC’s private fund adviser rules and the evolving tax landscape for private capital.

Panels also provided an update on AIFMD II, including the implications for loan origination funds, what the industry needs to know about the OECD’s Pillar Two rules and commentary on the opportunities and challenges in the retailisation of private market assets.

Further detail is covered in the BVCA’s bi-annual technical bulletin, members can read it below.
 
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Annual Review 2023-24

Partners for Growth

Celebrating exception business performance with Vision 2023

Vision 2023, in partnership with Grant Thornton, is the BVCA’s annual initiative celebrating exceptional teams backed by private capital. The awards highlight the incredible range of businesses that BVCA members support across different sectors, sizes, nations and regions of the UK.

In total, fourteen extraordinary companies were recognised in 2023 for their vision and the lasting value that the investment and support of their investors brought in 2022. These companies performed distinctively against the four recognition themes of competitiveness, growth, innovation and ESG commitments.

Winners were presented with their trophies at the BVCA’s National Dinners, throughout 2023. The top four companies, representing each investment stage: early stage, scale-up, medium-sized, and large businesses, were presented with a National Award at the BVCA’s Gala Dinner in November 2023.
 
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Annual Review 2023-24

Partners for Growth

Updated ESG Toolkit and resources launched

In December, the BVCA launched its updated Responsible Investment Toolkit and ESG resources. Since 2011, the BVCA has provided a guide to Responsible Investment, with information on how to integrate ESG considerations into investment strategies.

The updated Toolkit provides a more user-friendly and updated version aimed at members looking to develop their responsible investment process. It highlights key considerations when developing approaches, signposts best practice, and provides guidance on where they fit into the landscape.
 
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ESG Podcast

The toolkit was published alongside a new podcast ‘Private Capital in the Net Zero Puzzle’, which explains how private capital is well placed to help SMEs decarbonise, invest in technological solutions to address the climate crisis, and plug the investment gap needed to help the UK to meet its Net Zero ambitions.
 
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Annual Review 2023-24

Partners for Growth

BVCA launches new Research Advisory Group

The BVCA’s commitment to high quality research on behalf of the private capital industry was underlined with the formation of the BVCA Research Advisory Group, chaired by Dr Paul Lavery from the University of Glasgow.

The Group is comprised of industry professionals and academics who conduct and promote research on private equity and venture capital.

The objective of this newly established committee is to highlight and share recent research and upcoming publications coming from academia, industry, and others, with a view to disseminating this work to the BVCA’s membership and interpreting it for wider stakeholders.
 
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Annual Review 2023-24

Partners for Growth

MP Connect programme

The BVCA’s MP Connect Programme which aims to connect portfolio companies with Members of Parliament in their constituencies has gained momentum in the last year. The visits demonstrate the value of private capital to Members of Parliament on their doorstep, showcasing innovation, job creation, growth and how private capital is making a positive difference to their constituents.

In 2023, 26 MP Connect visits were conducted, with visits right across the UK. Notable visits included Ian Murray MP, Shadow Secretary of State for Scotland, Sir Stephen Timms MP, Chair of the Work and Pensions Select Committee and Kwasi Kwarteng, former Chancellor of the Exchequer.

To learn more about the BVCA’s MP Connect programme, please contact the BVCA’s Public Affairs team, at the link below.
 
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Annual Review 2023-24

Partners for Growth

Business and trade Committee inquiry on PE investment in the retail sector

In January, the BVCA Chief Executive, Michael Moore, gave evidence to the Business and Trade Committee inquiry on private equity investment in the retail sector. Parliamentarians asked questions about the transparency of the sector and the use of debt to fund investments.

Michael answered questions on how the private equity model operates and set out the track record of the industry in supporting businesses through downturns and economic cycles. He also described how the industry has increased transparency through the adoption of the Walker Guidelines, overseen by the independent Private Equity Reporting Group (PERG).

Further information about the Walker Guidelines and PERG, including their latest annual reports, can be found below.
 
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Annual Review 2023-24

Partners for Growth

Developing the transparency of private capital

In January, the Private Equity Reporting Group (PERG) launched their 16th edition of the UK Private Equity Annual Public Reports. The reports demonstrate the industry's commitment to transparency and disclosure to and underline the importance of the industry to the UK economy.

Key findings from this year’s PERG reports include:
  • Walker portfolio companies continued to produce additional disclosure in their audited financial statements, with 60% doing so to at least a good standard
  • Walker portfolio companies outperformed the public company benchmarks at a revenue increase of 7.0% versus 5.1%, and an EBITDA increase of 4.9% versus 9.1% per annum respectively
  • Capital productivity increase in Walker portfolio companies exceeds public company benchmarks at 11.9% versus 1.0% growth per annum
Read the reports below.
 
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Annual Review 2023-24

Partners for Growth

Creating Sustainable Growth – new ESG report published

In January 2024, the BVCA published the second iteration of our ‘Creating Sustainable Growth: Private Capital at Work’ report. Alongside the results of the BVCA’s ESG survey, the report looks at how private capital can help to create sustainable growth across investee businesses. It includes practical examples of how private capital can help businesses to decarbonise, attract diverse workforces, establish strong corporate governance, and provides an update on the latest developments in sustainability regulation.

Alongside the BVCA’s Responsible Investor Toolkit (published in December), this publication provides an additional resource for members seeking to understand how sustainability practices can contribute to value creation and showcases some great case studies from members of private capital in action.
 
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Annual Review 2023-24

Partners for Growth

Partnering at the Labour Business Day

The BVCA team partnered with Labour at their Business Conference in February, engaging with Labour politicians and other key stakeholders. The BVCA welcomed the Labour Leader Keir Starmer’s call for Labour and business to work together in a ‘partnership for growth’, and the Shadow Chancellor Rachel Reeves’ emphasis on the need to get British pension funds investing in private capital.

In his lunchtime speech and in a question to Keir Starmer in the main hall, BVCA Chief Executive Michael Moore discussed the importance of Labour backing up their rhetoric on a plan for stability and consistency.

During the day, the BVCA shared the interim report from the Investment Commission, a piece of work done in conjunction with Public First, which highlights barriers to increasing investment in the UK. The key findings from member respondents highlight the need for political and economic stability, and simplification of regulations. Read the preliminary findings below.
 
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Annual Review 2023-24

Partners for Growth

The first meeting of the Pensions & Private Capital Expert Panel

In February, an Expert Panel of industry leaders from pensions, venture capital and growth equity met for the first time to discuss how to overcome barriers to investing in UK private capital funds, intending to deliver higher returns for UK pension savers and provide a new source of investment capital for high-growth UK businesses.

The Pensions & Private Capital Expert Panel has been convened by the BVCA and includes senior representatives from the Association of British Insurers, the Pensions and Lifetime Savings Association, Legal & General and NEST.

The Panel is chaired by Kerry Baldwin of IQ Capital, former BVCA Chair, and the first meeting was introduced by Kevin Hollinrake MP, the Minister for Enterprise, Markets and Small Business.
 
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Annual Review 2023-24

Partners for Growth

Shadow Chancellor Rachel Reeves meets private capital leaders

Shadow Chancellor Rachel Reeves met with BVCA members to discuss the role private capital can play as partners in boosting economic growth across the UK.

At the roundtable, held at Endless LLP’s offices in Leeds, the BVCA delegation presented interim findings from the BVCA’s Investment Commission. This comes as the Shadow Treasury team have increasingly emphasised the need for Labour to work closely with the financial services sector as the party prepares its manifesto ahead of the General Election, expected before the end of this year.

The discussion also focused on the importance of broadening pension fund access to private equity and venture capital. This builds on the first meeting of the Investment Compact Expert Panel earlier this month.

Read key takeaways from the the BVCA roundtable with the Shadow Chancellor, below.
 
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Annual Review 2023-24

Partners for Growth

Private capital leaders meet with Mayor of London

Private capital leaders, portfolio companies and BVCA Chief Executive Michael Moore met the Mayor of London, Sadiq Khan, Deputy Mayor Howard Dawber, and members of the Greater London Authority at a roundtable discussion looking at the private equity and venture capital landscape in London.

At the roundtable, hosted by MMC Ventures, BVCA members shared their insights and perspectives on investing in London, and talked about the investment opportunities and barriers they face, and how these challenges could be overcome. The Mayor and his team were presented with interim findings from the BVCA’s Investment Commission, along with the BVCA’s industry factsheet on the economic role of private capital in London.

View a selection of photos from the roundtable, below.
 
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Annual Review 2023-24

Partners for Growth

BVCA publishes Pensions & Private Capital Report

In March, the BVCA published a report to the Pensions & Private Capital Expert Panel, produced by PwC, which outlines the barriers the private capital industry is seeking to overcome.

The report sets the scene for the Expert Panel’s work, offering a high-level overview of the starting points for both the private capital and pensions industries. It provides an outline of the key structures available to provide the basis for a discussion on how to adapt existing structures, or design and develop new structures, and share best practice.

The Expert Panel is expected to report its findings in Autumn 2024 before final recommendations are provided to the government, the pensions and private capital industries in the Spring of 2025.
 
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Annual Review 2023-24

Partners for Growth

Policy engagement with high-profile politicians

Policy Roundtables with high profile politicians, including Government Ministers, Shadow Ministers and Select Committee Chairs, allow the BVCA to bring a group of members together in a closed-door session to demonstrate the real-world impact of our industry and highlight barriers to growth. During 2023-24, the BVCA hosted over 21 high level discussions with politicians welcoming the opportunity to hear from our members and the businesses that they back to understand their experiences and the issues facing the industry.

Highlights include two roundtables at 10 Downing Street with the Deputy Prime Minister, Oliver Dowden, the Exchequer Secretary, Gareth Davies, and the Prime Minister’s Business Advisor Franck Petitgas; a roundtable in Leeds with the Shadow Chancellor Rachel Reeves; the Chair of the Treasury Select Committee, Harriett Baldwin MP; Business Minister Kevin Hollinrake; the Chair of the Work and Pensions Select Committee, Stephen Timms MP; and the Shadow Minister for Industry and Decarbonisation, Sarah Jones MP. In 2023 the BVCA also arranged visits for high profile politicians to areas outside their constituency.
 

Annual Review 2023-24

Partners for Growth

BVCA publishes 2023-24 Annual Review – Partners for Growth

At the end of March, the BVCA published its ‘Annual Review: Partners for Growth’ – a summary of the 2023-24 membership year. The publication captures the issues that the BVCA has addressed on behalf of the industry, which are complex and wide-ranging, along with how the BVCA supported the industry via events, training and other activities.

With a General Election on the horizon, and with the support of the BVCA Council, in 2023/24 the BVCA invested significantly in the capacity and capability of its work with the industry’s external stakeholders. To make the case for the industry the BVCA expanded its Policy and External Affairs teams, compiled and commissioned new research, and deepened political and policy engagement to demonstrate how private capital is uniquely positioned as a ‘partner for growth’ to the government.

From close engagement with the Chancellor and the Treasury on the Mansion House Compact and the subsequent Investment Compact for Venture Capital and Growth Equity, to roundtables hosted with leading and influential politicians, and addressing the transparency and disclosure agenda with the 16th PERG Annual reports, the BVCA has continued demonstrating the value of the industry by creating growth and jobs, driving innovation and delivering public value.
 
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Private capital has consistently been the driving force behind good businesses becoming great businesses during that time, helping people with the capital, expertise, and long-term view to achieve scale.

The UK is an internationally recognised home of innovation and entrepreneurship with world-class universities and business dynamics. Private capital has been an integral part of the UK’s economy, fuelling SMEs and creating growth, productivity, and employment.

During the forty years, society has changed too, with people and businesses becoming more socially and environmentally aware and responsible. Private capital has been part of that journey and has had a direct impact on businesses, the environment, the people it works with and society more broadly.

From a niche new industry to becoming part of the mainstream, BVCA members continue to be invested in a better future, creating public value and transforming the economy and society.
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40 years of the BVCA delivering on its mission

The BVCA has engaged the private capital community, supporting its members’ aims to build better businesses and contribute to society throughout its history. It has represented the industry effectively to public stakeholders, enabling the industry to uphold its vision and achieve its goals.

Strong and focused governance by the industry has remained consistent throughout the 40 years of the BVCA’s history, and it is this approach to governance, above all, that helps British business to be invested in a better future.
40 years of fostering innovation

Since the BVCA’s formation, private capital has backed, and continues to back the new technologies, products and services that have shaped our world for the better. From the early investments of the industry in the 1980s, to the rapid technological changes of the past two decades and the focus on decarbonisation, private capital has always been well-suited to meet the challenges facing our world.

40 years of delivering growth

During the BVCA’s history, the private capital industry has attracted billions of pounds of inward investment from across the world into the UK. That investment has powered the growth of diverse sectors, including technology and life sciences, while reinvigorating established businesses too.

Most organisations receiving investment over the past forty years have been SMEs – private capital has helped them to turn ideas into successful businesses, scaling and growing internationally. The industry’s impact on the UK’s GDP and employment has been significant during that time and continues to be so.

40 years of inspiring people

During the BVCA’s lifetime, private capital’s impact on people has been deep and wide-ranging. Whether it’s the millions of jobs that have been backed by the industry, how entrepreneurs and founders have relied on private capital to help them develop the skills their business needs, how successful founders have gone on to become angel investors in the next generations of entrepreneurs, how the biggest pension funds in the UK and the world have invested in BVCA members’ funds to generate returns for pension-holders, or how the industry has supported a strong advisory ecosystem of jobs to make investments happen, the industry’s impact on people has been far-reaching.

40 years of shaping the environment in which private capital operates

The BVCA has engaged closely on policy and technical matters with politicians and policy makers across a vast range of detail for four decades, consistently making recommendations and shaping for the better the environment in which private capital operates and benefits the UK. The work has spanned many areas including access to capital, fostering innovation, attracting and keeping the best talent and for many years, sustainability.

40 years of demonstrating the industry’s public value

The BVCA and its members have had strong conviction in the economic and societal contribution the industry makes for decades. For that reason, since its early days, the BVCA has produced research and reports demonstrating the value the industry brings across jobs, the economy, performance benefitting investors such as pension funds and nationwide impact across the UK.

In recent years the BVCA has demonstrated its members’ advancement of work on Environmental, Social and Governance issues, including climate, and diversity and inclusion. In addition, the BVCA has made landmark changes in developing the industry’s commitment to transparency and disclosure with the introduction and development of the Private Equity Reporting Group and UK Private Equity Annual Public Reports.

Strong and focused governance by the industry has remained consistent throughout the 40 years of the BVCA’s history, and it is this approach to governance, above all, that helps British business to be invested in a better future.

40 years of building the industry’s reputation as a unified voice

From fledgling industry to becoming part of the mainstream, private capital has not always been well understood by its stakeholders, which is why for forty years the BVCA has engaged on the industry’s behalf in communicating the role and benefit of the industry to politicians, the media, regulators, and others so that it is understood.

40 years of helping members to develop

With thousands of members over many years, the BVCA throughout its history has been a meeting place and a source of insight to help members develop their teams and their businesses for the future.

Today’s industry leaders attended BVCA training courses at the beginning of their careers, and the BVCA’s insightful content, delivered at events and in publishing, has helped its members to shape the development and success of their own businesses.

Creating growth, fostering innovation, and inspiring people

The economic, social, and public contribution of private capital remains core to our purpose.
Invested in growth – across the UK.

Invested in innovation – building the new economy.

Invested in people – developing skills and providing returns to savers.

Celebrating 40 years of the BVCA

Further information

FOR FURTHER INFORMATION PLEASE CONTACT THE BVCA

 +44 (0)20 7492 0400

 bvca@bvca.co.uk