For this, data is collected from all of our GP members on their aggregate investment activity and is used to produce the most comprehensive overview of the UK’s private equity and venture capital markets available. The activity report produced each year by the BVCA captures the aggregate investments, divestments, and fundraising information of the BVCA full member firms. The report details investment information that is broken down across industry sectors, financing and investment stages, and UK regions.
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Pension funds provided 38% of all capital
raised followed by sovereign wealth funds
(14%) and fund of funds (11%). Institutional
investors from outside the UK contributed
Buyout fundraising reached £41.01bn.
Pension funds are the largest institutional
investor in UK buyout funds contributing
40%, followed by sovereign wealth funds
(15%), fund of funds (11%), and insurance
Venture capital fundraising reached £2.4bn.
Private individuals contributed 19% to the
total VC fundraising amount, followed by
pension funds (15%) and fund of funds (13%).
Growth capital reached £3.22bn. Pension
funds were the largest contributor at 29%
followed by private individuals at 21%.
This year’s report showed the continued
flows of international sources of funds with
circa. 89% of fundraising coming from
outside of the UK. This is up from 86% in
2018 and 82% in 2017.
Buyout investment increased by 5% year-onyear
to £16.86bn. The number of companies
backed increased by 9% to 226. Large
buyouts accounted for 43% of the buyout
market, followed by mega buyouts at 35%. In
2019 Small buyouts remained consistent with
£407m invested and 90 companies backed.
Mid-market saw a slight year-on-year decrease
of 9% at £3.4bn investing in 101 companies.
Venture capital investment increased by 67%
year-on-year to £1.65bn with 821 companies
backed, an 18% increase. Seed investments
increased to £87m in 2019. Early stage
investments increased 80% year-on-year in
size to £865m. Start-up grew to £210m, an
increase of 79%. Later stage investments
increased by 39% to £467m.
Growth capital investments increased by 12%
to £3.63bn. 467 companies were backed, a
13% increase year-on-year.
By amount of former equity investments
(divestments at cost), the total value was
The most prominent exit routes by amount
at cost were sale to another private equity
and venture capital firm (36.2%), trade
sale (28.1%) and repayment of preference
Buyout divestments represented 76% by
amount at cost and around 32% by number
of companies of all exits in 2019.
Venture capital comprised around 25% of all
divestments with 128 companies. The most
prominent exit route was trade sale, which
represented 24% of number of companies
divested in 2019.
Growth divestments represented 16% of all
exits by amount at cost and 38% by number
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