British Business Bank’s third-party arm BBB Investment Services receives approval to provide investment services to clients in first step towards British Growth Partnership launch

Press release 07 May 2025

  • Non-executive Directors appointed

The Financial Conduct Authority has granted regulatory approval to BBB Investment Services Limited, the British Business Bank’s third-party arm, to provide investment services to clients. This is an important first regulatory step in the preparation for launch of the British Growth Partnership.

Announced at the International Investment Summit, the British Business Bank will establish the British Growth Partnership, encouraging more UK pension fund and other institutional investment into the UK’s fastest growing, most innovative companies. The initial fund will seek to raise hundreds of millions of pounds, including a commitment from the British Business Bank, to invest in some of the highest potential opportunities in the Bank’s venture capital pipeline.

The British Growth Partnership will utilise the British Business Bank’s market access and position as the largest investor in UK venture and venture growth capital Read footnote text 1 . Investments from the fund will be made on a long term, fully commercial basis, independent of government, leveraging the Bank’s capability and market access to a range of promising high growth UK companies.

In November 2024, it was announced that Aegon UK and NatWest Cushon agreed to work with the new British Growth Partnership with a view to making investments in the initial fund.

Louis Taylor, CEO, British Business Bank said:

  • Return to footnote location 1

    Source: Largest LP investor in UK venture capital via Small Business Equity Tracker 2024, from BBB analysis of Pitchbook data for UK VC funds between 2017 and 2023, based on the amount of capital committed and the number of commitments made to funds.

Receiving regulatory approval from the Financial Conduct Authority to provide investment services is a key step on our journey to launching the British Growth Partnership. We are also delighted to be working with Aegon UK and NatWest Cushon and have had encouraging conversations with other pension funds and institutional investors.

By unlocking hundreds of millions of pounds of domestic investment for the UK’s high growth businesses through the creation of the British Growth Partnership, the UK can capture the full commercial potential of its world class breakthrough technology companies while providing a legacy for future generations of pensioners.

Lorna Blyth, Managing Director – Investment Proposition, Aegon UK said:

The regulatory approval of BBB Investment Services marks another significant milestone in our partnership with the British Business Bank.

This achievement is crucial in providing our members with access to innovative investment opportunities that have previously been beyond the reach of DC pension schemes. We are committed to fostering this collaboration and turning these opportunities into reality.

Veronica Humble, Chief Investment Officer NatWest Cushon said:

We fully support the UK growth agenda as in addition to the actual investment case, we see UK growth assets as key to getting pension members more emotionally connected and engaged with their pensions which ultimately drives better outcomes.

Initiatives such as the British Growth Partnership are critical to providing future investment opportunities in UK high growth and impact-focused sectors and so we welcome this latest development.

Non-executive Directors appointed

BBB Investment Services has appointed three Non-executive Directors to the Board, which will be Chaired by Louis Taylor, CEO, British Business Bank, effective from 7 May 2025.

Hazel Moore, OBE

Hazel is the Chair of FirstCapital, an international investment bank which provides mergers and acquisitions, private equity and growth capital advice to high growth technology companies which she founded in 1999. She was a Non-executive Director of British Patient Capital, a commercial subsidiary of the British Business Bank, from 2019 until 2025. Previously Hazel was a Governing Board member of Innovate UK, the UK’s national innovation agency, from 2012 until 2018; and has also held roles as a member of the Future Fifty advisory panel and on the Investment Advisory Panel of the North West Fund. Hazel was awarded an OBE in the 2017 New Years’ Honours list for services to entrepreneurship and innovation.

Tara Reeves

Tara has a track record in venture capital, investing in high growth private companies. She is a Managing Director at Eurazeo Digital, Eurazeo's flagship venture capital fund, as well as their specialist insuretech growth fund. She is also a co-founder of Turo, Inc., the peer-to-peer car sharing network, which has operations in the US, Canada, Australia and the UK with over 10m members and 350,000 car listings.

In 2019, Tara was part of the founding team of OMERS’s European series A&B venture fund. She started her venture career at seed fund LocalGlobe in 2015 where she was a Partner. Tara is a graduate of Oxford University and the Harvard Business School, where she was a Fulbright Scholar.

Mike Weston

Mike has a successful record of leading UK pension schemes and institutional asset management businesses in the private, public and charity sectors. He was previously Chief Executive of LGPS Central and the Pensions Infrastructure Platform, and the Chief Investment Officer for the pension schemes of Daily Mail & General Trust plc. In his portfolio career, Mike currently holds roles as Chair of Trustee Board and Independent Trustee, Institute of Cancer Research Pension Scheme, Accredited Professional Trustee Chair at Pi Partnership, Non-Executive Director at Wayhome, Senior Consultant at Avida International and Senior Advisor at Labaton Keller Sucharow LLP.

Further Information

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Notes to editors

British Business Bank plc, registered in England and Wales, registration number 08616013, registered office Steel City House, West Street, Sheffield, S1 2GQ, a development bank wholly owned by HM Government. It and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.

BBB Investment Services Limited, registered in England and Wales, registration number 15662260, registered office Steel City House, West Street, Sheffield S1 2GQ. A wholly owned commercial subsidiary of British Business Bank plc. It is not a banking institution and does not operate as such. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority.

Aegon UK, a DC pensions provider with £216bn AUA2, has agreed to partner with the British Business Bank on the launch of the British Growth Partnership, with a view to making a substantial cornerstone investment in the initial fund when launched, subject to completing commercial negotiations and regulatory and due diligence processes.

NatWest Cushon, a pensions and savings provider with a DC master trust with £2.8bn AUM has committed to work with the British Business Bank on the launch of the British Growth Partnership, with a view to the Cushon Master Trust making an investment in the initial fund subject to completing commercial negotiations, regulatory, and due diligence processes, and agreement from the trustees.