BGF reports strong deal activity and landmark exits in 2025
BGF, the UK and Ireland’s most active growth capital investor, reported a strong year of investment and exit activity in 2025.
BGF returned over £600 million during the year, delivering a money multiple of more than 2x. The investor also paid a £75 million dividend to its shareholders, supported by a series of successful exits across the portfolio.
The exit of OrganOx, a business that BGF had supported with six follow-on investments, was one of the largest UK medtech exits on record and generated BGF’s largest-ever return, delivering £175 million of proceeds at a $1.5 billion valuation. The year also saw substantial returns from exits such as green tech pioneer Monodraught and uPVC sash window manufacturer Victorian Sliders.
Trading performance across the existing portfolio was strong throughout the year. Companies in BGF’s Growth portfolio encouragingly grew revenue by more than 10% and EBITDA by more than 20%.
BGF also had a strong year in terms of investments, deploying £416 million across 23 new growth investments, five new early-stage investments and 45 follow-on rounds, equating to £280 million, £25 million and £111 million respectively.
Notable new investments included £15 million to Nottingham-based Cronofy to support product development and international expansion, a £30 million investment in London based TMT ID to accelerate growth in the United States and advance its mobile identity and fraud prevention technology, and £15 million backing Scottish housebuilder Cruden to support sustainable housing delivery and regional growth.
Deal activity took place against the backdrop of a major strategic milestone, with BGF announcing 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 for female-powered businesses, underlining BGF’s focus on inclusive growth and broadening access to capital.
Through a number of senior appointments in 2025, BGF enhanced its investment, value creation and advisory capability. Anita Dougall joined the Board as a Non-Executive Director, bringing entrepreneurial and data-led growth experience; Tracy Bownes was appointed Head of Value Creation to deepen commercial and operational support for portfolio companies; Tom Pearson was appointed Head of Data and AI to harness the potential of new technologies; and Indro Mukerjee joined the Deep Tech & Climate Advisory Board, adding specialist expertise in innovation-led growth.
By investing as a patient partner in growth, BGF provides entrepreneurs with the capital and expertise needed to build resilient, scalable businesses, while its regional footprint – with teams based in 15 cities across the UK and Ireland – enables capital to be deployed consistently across the UK and Ireland.
Andy Gregory, CEO of BGF, said: “2025 was a strong year for BGF, with landmark exits and continued support for founders across the UK and Ireland. Our performance reflects the strength of our regional model and 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 2011, BGF’s portfolio has delivered £7.1 billion in revenue growth, £1 billion in export growth and created more than 27,000 jobs, demonstrating the impact of growth capital in action.
In 2025, the BGF Foundation announced its largest-ever funding commitment, with £820,000 committed in new multi-year partnerships, follow-on funding and one-off staff grants. Through its model of unrestricted funding and pro bono support, the BGF Foundation worked with more than 30 UK-based charities during the year, providing funding, strategic advice and volunteering. BGF also recorded a more than 60% increase in employee-led volunteering time over the past three years.
As BGF moves into 2026, the year will also mark its 15th anniversary since being established in 2011. To coincide with this milestone, BGF will begin a ‘Celebration of Entrepreneurship’, showcasing the success of BGF-backed founders and management teams and the role patient capital has played in helping them achieve their ambitions.
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