BGF has reported a strong year of investment and exit activity in 2025, underpinned by landmark portfolio realisations, robust trading performance and continued backing for founders across the UK and Ireland.
The growth capital investor returned more than £600 million during the year, delivering a money multiple of over 2x, and paid a £75 million dividend to shareholders. The performance was driven by a series of high-profile exits, led by the sale of OrganOx, which generated BGF’s largest-ever return.
BGF had supported OrganOx (pictured) with six follow-on investments, and the exit valued the business at $1.5 billion, delivering £175 million of proceeds. The transaction is one of the largest medtech exits on record in the UK. Additional exits during the year included green technology specialist Monodraught and uPVC sash window manufacturer Victorian Sliders, both of which delivered substantial returns.
Portfolio performance remained strong throughout the year. Companies within BGF’s Growth portfolio increased revenues by more than 10 per cent on average, while EBITDA growth exceeded 20 per cent, reflecting resilient trading conditions and operational progress despite a challenging macroeconomic backdrop.
Investment activity was also robust. BGF deployed £416 million in 2025, comprising 23 new growth investments, five early-stage investments and 45 follow-on rounds. This equated to £280 million into new growth deals, £25 million into early-stage businesses and £111 million in follow-on capital.
Notable new investments included £15 million into Nottingham-based Cronofy to support product development and international expansion; a £30 million investment in London-based TMT ID to accelerate US growth and enhance its mobile identity and fraud prevention technology; and £15 million backing Scottish housebuilder Cruden to support sustainable housing delivery and regional expansion.
Deal activity in 2025 also coincided with a major strategic milestone for BGF, which announced a £3 billion commitment to invest in UK businesses over the next five years. The pledge represents a step up from the £2.3 billion invested between 2020 and 2024 and includes at least £300 million earmarked for female-powered businesses, reinforcing BGF’s focus on inclusive growth and widening access to capital.
The firm strengthened its leadership and advisory capabilities during the year through a series of senior appointments. Anita Dougall joined the board as a non-executive director, bringing entrepreneurial and data-led growth expertise. Tracy Bownes was appointed head of value creation to deepen operational support for portfolio companies, while Tom Pearson joined as head of data and AI. Indro Mukerjee also joined BGF’s Deep Tech & Climate Advisory Board, adding specialist insight into innovation-led growth.
Andy Gregory, chief executive of BGF, said the results reflected the strength of the firm’s regional model and its long-term approach to growth capital.
“2025 was a strong year for BGF, with landmark exits and continued support for founders across the UK and Ireland,” he said. “Our performance reflects our ability to deploy flexible capital at scale while providing hands-on support to help businesses grow, create jobs and contribute to long-term economic growth.”
Since its launch in 2011, BGF-backed companies have delivered £7.1 billion in revenue growth, £1 billion in export growth and created more than 27,000 jobs, highlighting the impact of patient capital on the real economy.
BGF’s social impact arm also expanded its activity in 2025. The BGF Foundation announced its largest-ever funding commitment, with £820,000 allocated to new multi-year partnerships, follow-on funding and staff grants. The foundation worked with more than 30 UK charities during the year, providing unrestricted funding, strategic advice and pro bono support, while employee-led volunteering time has increased by more than 60 per cent over the past three years.
Looking ahead, 2026 will mark BGF’s 15th anniversary. To coincide with the milestone, the firm plans to launch a “Celebration of Entrepreneurship”, showcasing the achievements of BGF-backed founders and the role long-term growth capital has played in scaling businesses across the UK and Ireland.
