BGF
BGF (Business Growth Fund) is the UK and Ireland's most active growth-capital investor, established in 2011 by Barclays, HSBC, Lloyds, NatWest and Standard Chartered. It makes minority equity investments from a well-capitalised, evergreen balance sheet of about GBP 3bn, having deployed more than GBP 4.5bn into over 600 companies and completed more than 280 exits across a network of regional offices in the UK and Ireland. Its FCA-authorised manager BGF Investment Management Limited holds Firm Reference Number 771879. Headquartered in London, BGF operates as a permanent-capital investor rather than a series of fixed-term LP funds.
AUM
€3.5B
Funds
1
vintages 2011
Portfolio
32
Exits
141
BGF is a London growth equity firm with €3.5B AUM, 32 active companies and 141 exits.
Key takeaways
- ·100 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 141 realized deals: 5 years.
- ·Best return: 11.0x MOIC on Monodraught (2025).
Sector breakdown
173 companiesIndustrials
27 · 16%
TMT
24 · 14%
Healthcare
13 · 8%
Business Services
13 · 8%
Construction
12 · 7%
E-commerce
10 · 6%
SaaS
7 · 4%
Energy
6 · 3%
Geography breakdown
2 geographiesUK
168 · 97%
Ireland
5 · 3%
Key facts
Recent exits
BGF exited Buy it Direct in 2026 after 7 years.
BGF sold Evoke Creative to Steliau Technology in 2026 after 8 years.
BGF sold isol8 to Archer in 2026 after 5 years.
BGF exited Medigold Health in 2026 after 9 years.
Coverage notes
1 fund tracked, 173 portfolio companies (32 active · 141 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Funds & portfolio
Every fund BGF has raised, with its portfolio companies. Hand-checked from public filings.
1 fund
Fund
Strategy
Vintage
Size
Assets
Exits
BGFRealizedEvergreen2011€3.5B32 assets141 exitsEvergreen2011 · 15yr€3.5B32141
Unrealized
32 held| Company | Entry |
|---|---|
| Abselion MedTech · UK | 2024 |
| Brompton Consumer · UK | 2024 |
| Cronofy SaaS · UK | 2025 |
| Cruden Construction · UK | 2025 |
| DEScycle ClimateTech · UK | 2024 |
| Elite Dynamics SaaS · UK | 2024 |
| Eventmaster Business Services · Ireland | 2024 |
| Everflow Business Services · UK | 2026 |
| Fivium SaaS · UK | 2026 |
| Gousto FoodTech · UK | 2015 |
| hedgehog lab IT Services · UK | 2023 |
| NanoSyrinx Biotech · UK | 2024 |
| Orbital Education Education · UK | 2019 |
| Origin Tech ClimateTech · UK | 2026 |
| Plant-Ex FoodTech · UK | 2024 |
| Proventeq Software · UK | 2024 |
| Puraffinity ClimateTech · UK | 2024 |
| Pure Cyber Cybersecurity · UK | 2024 |
| Seda Pharma · UK | 2025 |
| Signable SaaS · UK | 2026 |
| Skewb Data & Analytics · UK | 2024 |
| Sulmara Energy · UK | 2024 |
| Sunswap ClimateTech · UK | 2024 |
| T-Therapeutics Biotech · UK | 2025 |
| Tapered Plus Construction · UK | 2024 |
| Tevalis SaaS · UK | 2024 |
| Thompson & Morgan Consumer · UK | 2023 |
| TMT ID Cybersecurity · UK | 2025 |
| Vosaio Hospitality · UK | 2024 |
| Wobble Genomics Biotech · UK | 2024 |
| Woodland Kitchens Industrials · UK | 2024 |
| Workbooks SaaS · UK | 2025 |
Realized
141 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| 365 Response TMT · UK | 2020 | 2022 | Trade Sale | RLDatix | – |
| 3sun Group ClimateTech · UK | 2014 | 2019 | Trade Sale | Worley Ltd | – |
| A Wilderness Way Healthcare · UK | 2020 | 2023 | Trade Sale | Sovereign Capital Partners | – |
| Abacus TMT · UK | 2013 | 2022 | Trade Sale | Naviga | – |
| Acro Industrials · UK | 2015 | 2017 | Trade Sale | Zhejiang Science and Technology Investment Company | – |
| AD Williams Industrials · UK | 2021 | 2025 | Trade Sale | Accident Repair Hub Ltd and Fix Auto UK | – |
| AdEPT Telecom Telecom · UK | 2016 | 2023 | Trade Sale | Wavenet Group Holdings Limited | – |
| ADEPT4 plc TMT · UK | 2016 | 2019 | Trade Sale | – | – |
| Adestra TMT · UK | 2016 | 2018 | Trade Sale | Upland Software | – |
| AimBrain AI/ML · UK | 2017 | 2020 | Trade Sale | BioCatch | – |
| Amazon Filters Industrials · UK | 2018 | 2020 | Recapitalization | – | – |
| Amdaris TMT · UK | 2020 | 2023 | Trade Sale | Insight Enterprises Inc. | – |
| Antser Education · UK | 2021 | 2023 | MBO | Management team backed by YFM Equity Partners | – |
| APSU TMT · UK | 2014 | 2016 | Trade Sale | CSI Group | – |
| Arcinova Pharma · UK | 2018 | 2021 | Trade Sale | Quotient Sciences | – |
| Aubin Energy · UK | 2013 | 2022 | Trade Sale | Italmatch Chemicals | – |
| BB7 Construction · UK | 2019 | 2025 | Trade Sale | Certania Group | 3.0x |
| Benefex HR Tech · UK | 2011 | 2018 | Secondary | Bain Capital | – |
| BHR Group Industrials · UK | 2014 | 2021 | Trade Sale | Framatome SAS | – |
| BioCity Group Biotech · UK | 2019 | 2021 | Secondary | Trinity Investment Management and Harrison Street | – |
| Blue Light Card TMT · UK | 2019 | 2022 | Secondary | Inflexion | – |
| Braidwater Group Construction · Ireland | 2015 | 2025 | MBO | Management | – |
| Brindley Healthcare Healthcare · Ireland | 2019 | 2020 | Trade Sale | Orpea | – |
| Brisant Secure Industrials · UK | 2021 | 2025 | Trade Sale | Allegion plc | – |
| Brownhills Glass Industrials · UK | 2015 | 2018 | Recapitalization | Duke Royalty | – |
| Buy it Direct E-commerce · UK | 2019 | 2026 | Trade Sale | – | – |
| Campion Homes Construction · UK | 2016 | 2022 | MBO | Campion Homes management/shareholders | – |
| Castleton Technology TMT · UK | 2016 | 2020 | Trade Sale | MRI Software | – |
| Celaton AI/ML · UK | 2012 | 2024 | Trade Sale | AdvancedAdvT Ltd | – |
| Cennox Business Services · UK | 2012 | 2021 | Secondary | York Capital Management | – |
| Chemoxy Industrials · UK | 2015 | 2017 | Trade Sale | Novacap SAS | – |
| CHS Healthcare Healthcare · UK | 2018 | 2021 | Trade Sale | Acacium Group | – |
| Clearway Group Construction · UK | 2018 | 2021 | Secondary | Next Wave Partners | – |
| Click Travel TMT · UK | 2018 | 2021 | Trade Sale | TravelPerk | – |
| CMS Industrials · UK | 2018 | 2022 | Trade Sale | SambaSafety | – |
| Cooplands Consumer · UK | 2017 | 2021 | Trade Sale | EG Group | – |
| Coppergreen Hospitality · UK | 2016 | 2021 | Trade Sale | Away Resorts | – |
| Cornwall Insight Energy · UK | 2017 | 2022 | Secondary | Bowmark Capital | – |
| Crepeaffaire Hospitality · UK | 2018 | 2025 | Trade Sale | – | – |
| CSN Care Group Healthcare · UK | 2020 | 2022 | Trade Sale | Clece Care Services | – |
| CurrentBody E-commerce · UK | 2019 | 2021 | Secondary | eComplete | – |
| Cussins Construction · UK | 2014 | 2016 | Trade Sale | Northumberland Estates | – |
| Datum360 TMT · UK | 2020 | 2024 | Trade Sale | Autodesk | – |
| Decision Tech TMT · UK | 2012 | 2018 | Trade Sale | Moneysupermarket.com | – |
| DevOpsGroup IT Services · UK | 2018 | 2021 | Trade Sale | Amdocs | – |
| Dianomi AdTech · UK | 2018 | 2021 | IPO | – | – |
| Direct Online Services E-commerce · UK | 2016 | 2020 | Trade Sale | Broadview Holding | – |
| DriveWorks Software · UK | 2021 | 2024 | Trade Sale | Bechtle | 2.7x |
| Duncan and Todd Healthcare · UK | 2013 | 2018 | Secondary | LDC | – |
| Elvie Healthcare · UK | 2021 | 2025 | Trade Sale | Willow | – |
| Entier Consumer · UK | 2017 | 2025 | Trade Sale | Aramark | – |
| Evoke Creative TMT · UK | 2018 | 2026 | Trade Sale | Steliau Technology | – |
| Fairgame Hospitality · UK | 2022 | 2025 | Trade Sale | Tenpin Entertainment | – |
| Firefly Learning Education · UK | 2016 | 2023 | Trade Sale | Veracross | – |
| fulfilmentcrowd Logistics · UK | 2021 | 2025 | Trade Sale | Genuit Group | – |
| Furniture Village E-commerce · UK | 2014 | 2022 | MBO | Harrison family and employee benefit trust | – |
| GCI Telecom · UK | 2012 | 2018 | Secondary | Mayfair Equity Partners | – |
| Healthshare Healthcare · UK | 2019 | 2024 | Trade Sale | – | – |
| HeleCloud TMT · UK | 2018 | 2021 | Trade Sale | SoftwareONE | – |
| Horbury Group Construction · UK | 2014 | 2024 | Trade Sale | – | – |
| Hydrock Business Services · UK | 2018 | 2024 | Trade Sale | Stantec | 6.0x |
| IFA Industrials · UK | 2018 | 2025 | Trade Sale | Trive Capital | – |
| Inoapps TMT · UK | 2013 | 2022 | Secondary | ABRY Partners | – |
| isol8 Energy · UK | 2021 | 2026 | Trade Sale | Archer | – |
| J&B Recycling Industrials · UK | 2014 | 2021 | Trade Sale | Urbaser | – |
| Jola Business Services · UK | 2021 | 2022 | Trade Sale | Wireless Logic | – |
| Jumpstart Business Services · UK | 2014 | 2019 | Trade Sale | Visiativ Group | – |
| Keenan Recycling Industrials · UK | 2015 | 2024 | Trade Sale | Biffa | – |
| Kick ICT IT Services · UK | 2021 | 2024 | Secondary | LDC | – |
| Kids Planet Education · UK | 2016 | 2021 | Secondary | Fremman Capital | – |
| Lantum HealthTech · UK | 2016 | 2017 | Trade Sale | – | – |
| Lightfoot Mobility · UK | 2018 | 2021 | Trade Sale | Bridgestone | – |
| LoopMe AdTech · UK | 2018 | 2022 | Secondary | Mayfair Equity Partners | – |
| M Squared Lasers Deep Tech · UK | 2012 | 2020 | Secondary | Undisclosed | – |
| Medigold Health Healthcare · UK | 2017 | 2026 | Trade Sale | – | – |
| Metric Search Business Services · UK | 2024 | 2026 | Trade Sale | Southfield Capital | 4.1x |
| Miss Group TMT · UK | 2018 | 2020 | Secondary | Perwyn | – |
| Molecular Products Group Industrials · UK | 2014 | 2017 | Secondary | Arlington Capital Partners | – |
| Monodraught Industrials · UK | 2017 | 2025 | Trade Sale | Genuit Group | 11.0x |
| MorphCostumes E-commerce · UK | 2012 | 2024 | MBO | AFG Media management and company | – |
| Moulded Foams Industrials · UK | 2019 | 2023 | Trade Sale | – | – |
| NewVoiceMedia SaaS · UK | 2015 | 2018 | Trade Sale | Vonage | – |
| Nonwovenn Industrials · UK | 2016 | 2025 | Trade Sale | CorpAcq | 8.4x |
| NSS Group Construction · UK | 2018 | 2022 | Trade Sale | Premier Technical Services Group | – |
| Off-Piste Wines Consumer · UK | 2019 | 2026 | Trade Sale | Terold Invest | – |
| Olive Communications TMT · UK | 2016 | 2021 | Trade Sale | Onecom | – |
| OnePLM TMT · UK | 2018 | 2022 | Secondary | Holland Capital | – |
| Operam Education Business Services · UK | 2019 | 2024 | Secondary | Three Hills | 2.5x |
| Optima Business Services · UK | 2022 | 2025 | Trade Sale | Growth Capital Partners | 4.0x |
| OrganOx MedTech · UK | 2019 | 2025 | Trade Sale | Terumo | – |
| OSL Industrials · UK | 2021 | 2025 | Trade Sale | Terma A/S | – |
| Palmer Hargreaves TMT · UK | 2013 | 2020 | Trade Sale | S-UBG | – |
| Panthera Biopartners Healthcare · UK | 2022 | 2025 | Secondary | LDC | – |
| Parklands Group Healthcare · UK | 2018 | 2021 | Trade Sale | Myriad Group | – |
| Petrotechnics Energy · UK | 2013 | 2019 | Trade Sale | Sphera Solutions | – |
| Pharmacy2U HealthTech · UK | 2016 | 2018 | Secondary | G Square Healthcare Private Equity | – |
| Plastique Industrials · UK | 2014 | 2016 | Trade Sale | ESCO Technologies Inc. | – |
| Polar Technology Industrials · UK | 2021 | 2026 | Secondary | Trive Capital | – |
| PPS Equipment Business Services · UK | 2015 | 2026 | Trade Sale | HB RTS | – |
| Prezola E-commerce · UK | 2017 | 2019 | Trade Sale | The Wedding Shop | – |
| Primrose E-commerce · UK | 2012 | 2018 | MBO | Rockpool | – |
| ReBOUND Logistics · UK | 2018 | 2021 | Trade Sale | Reconomy Group | – |
| Reflex Vans Industrials · UK | 2015 | 2021 | MBO | Waring family | – |
| Renal Services Healthcare · UK | 2014 | 2021 | Trade Sale | DaVita UK Limited | – |
| Rethink Group Business Services · UK | 2015 | 2022 | Trade Sale | – | – |
| RiverRidge Industrials · UK | 2016 | 2023 | Secondary | Cube Infrastructure Managers and Equitix Investment Management | – |
| RMS International E-commerce · UK | 2016 | 2026 | Trade Sale | – | – |
| Rutland Cycling Hospitality · UK | 2014 | 2022 | Trade Sale | Specialized UK | – |
| Semafone Cybersecurity · UK | 2014 | 2021 | Secondary | Livingbridge | – |
| Sentric Music TMT · UK | 2017 | 2022 | Trade Sale | Utopia Music AG | – |
| Sertec Industrials · UK | 2016 | 2022 | Trade Sale | – | – |
| Setfords LegalTech · UK | 2016 | 2021 | Secondary | Phoenix Equity Partners | – |
| Simworx Industrials · UK | 2015 | 2026 | Trade Sale | Intamin | – |
| Solid Solutions TMT · UK | 2016 | 2020 | Trade Sale | TriMech | – |
| Springfield Healthcare Healthcare · UK | 2012 | 2024 | Trade Sale | – | – |
| St Pierre Groupe Consumer · UK | 2018 | 2022 | Trade Sale | Grupo Bimbo | – |
| Statesman Travel Group Business Services · UK | 2011 | 2017 | Trade Sale | Travel and Transport | – |
| STATS Group Energy · UK | 2012 | 2023 | Trade Sale | Mitsui & Co. | – |
| Stevenswood Construction · UK | 2015 | 2016 | Trade Sale | Polyframe Trade Centres Limited | – |
| Tapdaq AdTech · UK | 2016 | 2022 | Trade Sale | Tapjoy | – |
| TCL Group Construction · UK | 2014 | 2019 | Trade Sale | idverde | – |
| TEAM Accessories Industrials · Ireland | 2019 | 2022 | Trade Sale | Moog Inc. | – |
| The Coaching Inn Group Hospitality · UK | 2015 | 2021 | Trade Sale | RedCat Pub Company | – |
| The Exchange Lab AdTech · UK | 2013 | 2015 | Trade Sale | GroupM | – |
| The Good Care Group Healthcare · UK | 2016 | 2019 | Trade Sale | Sodexo | – |
| The Hobs Group Business Services · UK | 2014 | 2020 | Trade Sale | Xact Data Discovery | – |
| The Paint Shed E-commerce · UK | 2020 | 2023 | Trade Sale | Brewers | – |
| Tigers Childcare Education · Ireland | 2021 | 2026 | Trade Sale | Kids Planet Day Nurseries | – |
| Total Recycling Services Industrials · UK | 2015 | 2023 | Trade Sale | Biffa | – |
| toucanBox E-commerce · UK | 2016 | 2022 | Trade Sale | Sandbox & Co | – |
| Uform Industrials · UK | 2019 | 2022 | Secondary | Cardinal Ireland Partners | – |
| Ultra Finishing Industrials · UK | 2017 | 2021 | Trade Sale | – | – |
| Unique X TMT · UK | 2018 | 2024 | Secondary | Kartesia | – |
| Unruly AdTech · UK | 2011 | 2015 | Trade Sale | News Corp | – |
| Victorian Sliders Construction · UK | 2021 | 2025 | Trade Sale | Inwido | 3.2x |
| Virtual1 Telecom · UK | 2016 | 2022 | Trade Sale | TalkTalk Group | – |
| Vysiion TMT · UK | 2015 | 2020 | Trade Sale | Exponential-e | – |
| Walker Precision Engineering Aerospace & Defence · UK | 2017 | 2026 | Trade Sale | Karman Space & Defense | – |
| Woodall Nicholson Mobility · UK | 2016 | 2020 | Secondary | Rutland Partners | – |
| Workshare TMT · UK | 2012 | 2019 | Trade Sale | Litera Microsystems | – |
| Zone TMT · UK | 2015 | 2017 | Trade Sale | Cognizant | – |
About BGF
BGF is an alternative investment platform with capital deployed across 10 active fund vehicles, headquartered in London. The firm deploys capital across European mid and small-cap businesses spanning industrials, TMT, consumer, software, healthcare and business services.
Investment thesis
The platform combines complementary investment strategies, deploying capital across industrials, TMT, consumer, software, healthcare and business services businesses in the United Kingdom and broader European market. Multi-strategy capital deployment enables flexibility across the business lifecycle, with the partnership culture supporting management teams through growth, transmission and selective M&A across multiple fund vintages and asset classes.
Recent activity
Realised exits across the current platform vintages remain limited, with the portfolio in active deployment and value-creation phase. The platform tracks 10 fund vehicles, 404 active portfolio companies and 1 realised exit across the strategy's history.
Frequently asked questions
- What investment strategy does BGF focus on?
- BGF focuses on Growth, VC strategies in the private equity space.
- How many portfolio companies does BGF have?
- BGF has 32 active portfolio companies and 141 completed exits and 1 fund tracked on GP Intel.
- Where is BGF headquartered?
- BGF is headquartered in London, United Kingdom.
- What is BGF's assets under management?
- BGF manages approximately €3.5B in assets under management.
- When was BGF founded?
- BGF was founded in 2011.
- What sectors does BGF invest in?
- BGF invests across Healthcare, Software, Industrials, Consumer, Business Services.
- What are BGF's recent exits?
- Recent realized exits by BGF include: Evoke Creative (2026) to Steliau Technology; isol8 (2026) to Archer; Metric Search (2026) to Southfield Capital, 4.1x; Off-Piste Wines (2026) to Terold Invest; Polar Technology (2026) to Trive Capital; PPS Equipment (2026) to HB RTS; Simworx (2026) to Intamin; Tigers Childcare (2026) to Kids Planet Day Nurseries.
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Last updated August 2026 · Sourced from public filings · Report an issue