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This edition includes articles on the carried interest reform and draft legislation, the UK's regulatory developments, the ESG-related stewardship and engagement in private capital, the IPEV guidelines and more.

This week, the BVCA sent a public letter jointly with other representative bodies including the Law Society, ICAEW and City of London Corporation, to express deep concern about a possible employers’ National Insurance charge on partnerships.

The BVCA has written to the Chancellor to outline that any increase to income tax at the Budget would risk impacting the carried interest reforms due to be introduced to Parliament in the upcoming Finance Bill.

Chief Executive Michael Moore highlighted the central role private capital plays in supporting long-term economic growth in evidence delivered to a House of Lords inquiry into the growth of private markets in the UK.

This edition of the Technical Update covers the BVCA’s Budget Representation, the BVCA urging Government not to tax partnership profits, the FCA’s promise of clarifications on the application of Consumer Duty to wholesale firms, and the proposed SMCR simplifications. We also highlight recent announcements on the BVCA’s response to the consultation on the NSI Act Notifiable Acquisition Regulation, the EU streamlining of sustainability reporting and due diligence requirements, and more.

Defence investment was once taboo for many VCs and their LPs, either considered too risky from a reputational perspective or perceived incompatibility with ESG/RI frameworks

Baderin Tejuoso, Senior Venture Capital Executive reports on the themes which dominated discussion at Saastock 2025, where attendees talked about the importance of timing, reading the market, and how pension capital can help to close the scale up gap.

BVCA Chief Executive Michael Moore called for urgency to make progress in increasing the pace of UK pensions investment into private capital at the Regional Investment Summit held in Birmingham this week.

The BVCA has called on the Government to use its upcoming Budget to ensure the UK’s tax framework supports entrepreneurship, upholds the UK as a global destination to start and scale a business, and maintains the attractiveness of the UK for private capital firms and those who work in them.