UK Venture Capital Financial Returns 2026
For the headline 2002-2021 vintage period, UK venture capital funds generated a pooled TVPI multiple of 1.78, matching the US (1.78) and exceeding the rest of Europe (1.67).
British Business Bank
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Interim Evaluation of the ENABLE Programmes: ENABLE Guarantee (and ENABLE Build)
As of March 2025, ENABLE Guarantee and ENABLE Build supported over £5bn of finance across more than 3,000 SMEs with 12 live delivery partners.
Interim Evaluation of the ENABLE Funding Programme
As of March 2025, the ENABLE Funding programme had facilitated more than £2.8 billion of finance to over 90,000 SMEs across the UK.
Business Finance Survey 2025
One quarter (24%) of SMEs sought external finance in the last three years, down from 26% in 2024 and 30% in 2023.
Wales SME Access to Finance Report
Credit cards were the most commonly used finance form in Wales, with 31% using business credit cards and 23% using personal credit cards.
Small Business Equity Tracker 2026
UK smaller businesses raised £12.3 billion of equity investment across 2,002 deals in 2025, representing a 4% decline in value and a 17% decline in deal count compared to 2024.
Scotland SME Access to Finance Report
Business credit cards were the most commonly used finance form among Scottish smaller businesses at 37%, followed by business overdrafts at 30% and personal credit cards at 15%.
Northern Ireland SME Access to Finance Report
Around 18% of smaller businesses in Northern Ireland reported experiencing barriers to accessing finance, led by concerns over the ability to obtain or repay finance (49%).
UK Venture Capital Financial Returns 2025
UK VC funds with 2002-2020 vintages generated a pooled TVPI multiple of 1.84, compared to 1.85 for the rest of Europe and 1.95 for US funds.
Life Sciences Investment Programme: Process Evaluation and Early Impact Assessment
The Life Sciences Investment Programme (LSIP) is an intervention with an allocation of £250 million designed to address a funding gap for growth-stage (Series B+) life sciences firms in the UK.
Nations and Regions Tracker 2025
The proportion of UK smaller businesses using external finance fell by 1 percentage point to 45% in 2024, with Northern Ireland recording the highest usage rate (52%) and the East Midlands the lowest (39%).
Future Fund Evaluation Report 2025 (Year 3)
The Future Fund scheme delivered £1.14bn of funding to 1,190 companies between May 2020 and January 2021 through Convertible Loan Agreements (CLAs) ranging from £125k to £5m matched by private investors.
Interim Evaluation of Debt Funds
Between 2013 and 2023, British Business Investments (BBI) committed a total of £1.1bn to 32 funds, which supported 363 SMEs across the UK.
Small Business Equity Tracker 2025
The UK VC investment market represented 0.68% of GDP over 2022-2024, trailing the US ratio of 0.73% of GDP, resulting in an overall GDP-adjusted investment gap of 10%.
Wales SME Access to Finance Report: Sub-National and Devolved Nation Analysis
Credit cards remained the most commonly used finance type in Wales with a 25% usage rate, followed by Covid-19 loans (23%) and business overdrafts (16%).
Small Business Finance Markets 2024/25
Gross bank lending to UK SMEs reached £62.1bn in 2024, representing a 4.9% nominal increase compared to 2023, while total bank stock declined 2.5% to £179bn.
Scotland SME Access to Finance Report 2025
Around 42% of smaller businesses in Scotland reported facing barriers to accessing external finance.
Northern Ireland SME Access to Finance Report 2025
Around 21% of SMEs in Northern Ireland faced barriers when trying to access finance, primarily due to the ability to obtain or repay finance (41%) and lack of awareness or availability (27%).
SMEs and Net Zero Report 2025
SMEs generate around 37% of total UK greenhouse gas emissions and account for half of all business emissions.
Evaluation of Start Up Loans
The Start Up Loans programme achieved an overall start-up rate of 96%, with 21 net new enterprises created and 36 net additional enterprises developed for every 100 people lent to in the evaluated cohorts.
UK Venture Capital Financial Returns 2024
Across the 2002–2019 vintage cohort, UK venture capital funds generated a pooled TVPI of 1.87 and a pooled DPI of 0.72, compared to 2.01 TVPI and 1.06 DPI in the US, and 1.96 TVPI and 0.81 DPI in the rest of Europe.
Evaluation of the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and Coronavirus Large Business Interruption Loan Scheme
The Covid-19 Loan Guarantee Schemes provided £78bn in guaranteed loan facilities, reaching just over a quarter of SMEs across the UK.