Aegon UK has committed £100 million to the British Growth Partnership Fund I, marking the start of the firm’s entry into UK venture capital.
The investment will be made over the next three years and will expand the investment options available to members of Aegon UK’s largest workplace pension scheme, the Universal Balanced Collection fund.
Through the investment, Aegon UK said it will be supporting the growth of high-potential UK technology and life science businesses.
The retirement specialist said the investment marks an important step in the evolution of the Universal Balanced Collection fund, focused on improving outcomes for more than 700,000 members by strengthening diversification.
Lorna Blyth, managing director of investment proposition at Aegon UK, said: “This partnership gives us the ability to draw on the British Business Bank’s deep market access and established pipeline of UK scale‑ups, opening up access to high‑quality UK venture opportunities that would otherwise be out of reach for DC pension savers. This is a powerful step forward in strengthening diversification, delivering value for money, and ensuring our members benefit from innovative companies shaping the UK’s future economy.”
Ian Connatty, managing partner at The British Growth Partnership, added: “Pension funds have long recognised the strength of UK venture capital, but structural barriers have limited their access to the market. By bringing together leading pension funds and deploying capital at speed, British Growth Partnership Fund I demonstrates how these barriers can be overcome and provides a blueprint for others to follow. Working with Aegon UK reflects the strong alignment between our objectives and our shared vision for investing in growth, and we will be building on this momentum in the year ahead.”
Main image: milad-fakurian-tGTa40GKSRI-unsplash
