He also announced a new mission, focusing on the themes of regionality, diversity and inclusion and sustainability.
It will update its investment strategy and implementing partner selection process to more explicitly favor proposals demonstrating strengths in these areas.
UK small business investment jumps to record £18.1bn in 2021
BBI was set up to increase the range and diversity of alternative finance available to small businesses in the UK, while generating a business return for the UK taxpayer.
Its latest figures showed it made a pre-tax profit of £189.4m, up from £107.4m in the previous financial year – its best performance yet, although more than half of this return is due to fair value gains in BBI’s equity portfolio.
Investment income also reached £203.4m, compared to £120.5m a year ago.
During this period of outperformance, BBI made new commitments of £350 million – a record since its inception in 2014 – with 20 new and existing partners.
This brings its total commitments since launch to nearly £3.4bn and the total number of investments in its portfolio to 96 across 60 delivery partners.
BBI now invests in over 24,000 small businesses across the UK, 85% of which are based outside of London.
Across debt funds over the past year, BBI has invested in Atempo Growth (£33.8m), a venture debt fund that focuses primarily on funding tech companies, and Beach Point UK Fund (£40m), which focuses on lending to businesses in Northern Ireland. and Scotland.
Hambro Perks (£30m), which targets fast-growing, technology-focused companies, and Mobeus Equity Partners (£30m), which invests in growth-focused companies and helps them achieve their growth targets, also received investment.
He has also invested in fintech (Folk2Folk), structured capital solutions (Liberty Leasing, Roma Finance), regional angel investor program (Green Angel Syndicate, Praetura Ventures, 24Haymarket) and managed fund program (Wilshire Associate) .
Fifty-eight UK investment firms join ranks of B Corp
Judith Hartley, CEO of British Business Investments, said: “As a ‘through the cycle’ investor and lender, we have continued to invest strongly over the past year despite the difficult economic headwinds and we are remained active and visible in the market, to support funding for UK small businesses.”
British Business Investments has four objectives set by its parent company, British Business Bank.
It is about increasing the supply of financing, helping to create a more diversified financial market, identifying and helping to resolve regional imbalances and managing taxpayers’ money effectively.
To achieve this, BBI provides financing through a wide range of financing providers, including peer-to-peer lenders, small cap private debt funds, challenger banks, asset finance providers, equity funds of funds and early-stage regional investors.