UK Private Capital Annual Review 2025-26 (BVCA (UK Private Capital))

Summary

• Private equity and venture capital invested £29.4 billion into UK businesses in 2024.p.27
• Nearly 13,000 UK businesses are currently backed by private capital.p.27
• In 2025, 7% of UK GDP (£199 billion) was directly generated by businesses backed by private capital.p.27
• UK-based private capital funds have £190 billion of capital available to invest, expected to be deployed over the next three to five years.p.24
• The association's events brought together over 4,500 delegates, and it delivered 33 classroom training courses in 2025.p.4
• A record 98 portfolio companies were in scope of the Walker Guidelines in the 18th Private Equity Annual Report.p.18
• Only 0.6% of assets under the Mansion House Compact were invested in unlisted equities in 2024.p.17

Key insights

1. The BVCA adopted the new name UK Private Capital after a membership vote; the mission, strategy and priorities remain unchanged.p.5
2. The FCA proposed replacing quantitative client categorisation tests with a qualitative assessment or an alternative test based on holding at least £10 million in investable assets.p.11
3. In 2025 the association facilitated 24 MP visits to private capital backed businesses, bringing the total to over 130 since the programme began.p.22
4. Companies backed by private capital employed 2.5m people across the UK in 2025.p.27
5. The association responded to six CMA consultations in 2025.p.13
6. Progress on the Mansion House Compact was limited in 2024, with just 0.6% of assets invested in unlisted equities.p.17
7. The Government's November Budget doubled the employee limit and company share option limit in the EMI scheme and quadrupled the gross assets test.p.12
8. UK-based private capital funds hold £190 billion of capital available to invest over the next three to five years.p.24