British Patient Capital initiates new life sciences investment programme

The Sheffield-based government-backed firm has launched an initial £200m investment.

Institution: British Patient Capital
Headquarters: Sheffield, UK
AUM: £5.8 billion ($8 billion; €6.8 billion)

British Patient Capital, a subsidiary of British Business Bank, has initiated a life sciences investment programme, according to a press release on the firm’s website.

The programme has confirmed it will invest a minimum of £200 million in life sciences funds, with a further £400 million available to also potentially invest.

BPC will be committing between £50 million and £100 million to each successful fund manager. The RFP criteria require managers’ fund offerings to have a fundraising target of at least £250 million; to focus on funding UK life sciences companies; and to provide later-stage rather than early-stage capital. BPC will primarily be accepting tenders from UK-based applicants, but will also accept international entries.

The firm defines life sciences companies as manufacturers of vaccines, drugs and medical devices and equipment. BPC also mentioned in its RFP that it will be taking management fees, costs and returns into consideration when it comes to making a decision on prospective managers.

BPC informed Private Debt Investor that it had made five prior commitments to life sciences funds before the launch of its latest initiative. Funds invested in include Abingworth Bioventures VIII, SV7 Impact Medicine Fund and Advent Life Sciences Fund III.

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