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Private equity and venture capital support hundreds of thousands of jobs in London

Publish Date 23 Jun 2022
Categories Research
London is home to almost 600,000 jobs directly supported by private equity and venture capital, or 30% of all jobs supported by the industry in the UK.
A further 1.05 million jobs are indirectly supported by the private capital industry in London, through supply chains and related consumer spending.

These are just some of the findings of a new study from The Ernst & Young LLP (EY) QUEST (Quantitative Economics and Statistics) practice - commissioned by the British Private Equity and Venture Capital Association (BVCA) – which has found the industry is driving growth in hundreds of companies across the capital.

The industry’s support for London and its businesses was celebrated at a BVCA roundtable, held on Thursday 23 June, which brought together people from across venture capital and the Deputy Mayor of London for Business.


View the London factsheet


Speaking at the event, BVCA Director General, Michael Moore, said:

“Private equity and venture capital matter to our economy. We support 2 million jobs in the UK – with 30% of these in London – and are a vital partner to hundreds of the capital’s most innovative, high-growth companies.

“When a company backed by private capital succeeds, so do its investors and the community in which it is based. Growing businesses mean more jobs and more successful firms, and helps London maintain its status a global destination to start a business.”


Rajesh Agrawal, deputy Mayor for Business, said:

“London’s private capital industry is a huge driver of the capital and UK’s economy and I am thrilled to see this sector go from strength to strength.

“We have seen record amounts of venture capital investment in London over the past two years, which is an incredible vote of confidence in this sector and evidence that London is the best city on earth to do business in.”

Private capital’s support for London is confirmed further by BVCA data, which found that its members deployed more than £4bn into businesses in London in 2020 – around 45% of all BVCA member investment that year.

This support found its way into 442 companies, with 279 of those receiving venture funding. Venture funding supports innovative companies with extreme potential for growth at their earliest stages of life.

This includes companies like:

Revolut – a fintech that offers both personal and business banking services, which has grown to be a global name and facilitates 100 million plus transactions every month following private capital investment across its lifespan.

Gammadelta Therapeutics – which began life as a pioneering research project but, following support from private capital, has become a viable lifesciences business that is developing the potential of gamma delta T cells to create improved immunotherapy for cancer and other serious diseases.

Sylvera – a climate-tech firm which provides clear, accurate and thorough data on just how much carbon can be offset by nature-based projects – e.g. a patch of rainforest protected against deforestation.


View the London factsheet



Notes to editors
  1. View the one page fact-sheet containing the statistics and case studies relevant to London, here.
  2. Alternatively, you can read the full EY report, here.
  3. For further information on any of the above, please contact the BVCA’s External Comms Manager, Will English, on wenglish@bvca.co.uk

About the British Private Equity & Venture Capital Association

The BVCA, as the representative body for private equity and venture capital, connects institutional investors, fund managers, companies, advisers and service providers together, with our membership currently comprising more than 700 businesses from across the private capital ecosystem. This includes more than 325 PE and VC firms, 100 institutional investors and 220 professional services firms.

Private capital drives growth – providing the funding, expertise and long-term view that enables companies to innovate and flourish. Our mission is to advocate the transformative nature of the private equity and venture capital community.