First announced by the Chancellor in the 2017 Autumn Budget, the £500 million Managed Funds Programme (MFP), provided by British Business Investments through the British Business Bank, has been launched.
The programme, part of the Government’s response to the Patient Capital Review, will help to address the UK’s patient capital funding gap. It is designed to increase access to longer-term finance for ambitious and innovative, high potential companies by drawing in more institutional resources to the UK’s venture and growth capital markets.
Significant investments will be made in a number of large-scale, private sector-managed ‘funds-of-funds’. The successful funds-of-funds managers will then invest in venture capital and growth schemes that provide capital to innovative, high-growth-potential businesses.
Catherine Lewis La Torre, CEO of British Business Investments, said:
“Through this Managed Funds Programme, prospective investors will be able to access high quality venture and growth capital funds that will be investing in the success stories of tomorrow.”
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