British Business Investments commits €60m to Adams Street fund

British Business Investments, a subsidiary of the British Business Bank, has made an up to €60m (£50.5m) commitment to Adams Street Partners’ first European venture fund.

The capital will go towards backing businesses across the UK and Europe and will be deployed through the group’s managed funds programme, which aims to attract more institutional capital into the UK’s venture and growth capital markets.

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Since it was set up in 2014, British Business Investments has committed more than £3.8bn to providers to finance small businesses in the UK.

The European Venture Fund is Adams Street’s first commingled fund focused on Europe. The firm, which has had more than $1.6bn (£1.2bn) committed to European venture capital funds to date, manages $59bn overall.

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The fund will invest in venture capital funds and make direct investments into venture-backed companies, with a focus on the technology and healthcare sectors. A significant portion of the fund will invest in growth and later-stage opportunities, it said in a statement.

“Adams Street Partners is a large and well regarded asset manager with extensive experience in venture investing. By committing to their new European Venture Fund, British Business Investments will be supporting the growth journey of early and late-stage innovative companies across the UK and Europe,” said Adam Kelly, managing director, British Business Investments.

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