BGF posts strong deal flow and milestone exits in 2025, returning £600m to investors.

BGF has reported a strong year of investment and exit activity in 2025, underpinned by historic portfolio realisation, strong trading performance and continued support for founders across the UK and Ireland.

The growth investor returned more than £600 million during the year, delivering a 2x earnings multiple, and paid a £75 million dividend to shareholders. Performance was driven by a series of high-profile exits, led by the sale of OrganOx, which generated significant returns for BGF.

BGF had backed OrganOx (pictured) with six successive investments, and the exit valued the business at $1.5 billion, generating £175 million in profits. The transaction is one of the largest medtech exits on record in the UK. Other exits during the year included green technology specialist Monodraught and UPVC sash window manufacturer Victorian Slider, both of which delivered significant gains.

Portfolio performance remained strong throughout the year. Companies within BGF’s Growth portfolio increased revenue by more than 10 percent on average, while EBITDA growth exceeded 20 percent, reflecting strong trading conditions and operational progress despite a challenging macroeconomic environment.

Investment activity was also strong. BGF invested £416 million by 2025, including 23 new investments, five early stage investments and 45 follow-on rounds. This equates to £280 million in new growth deals, £25 million in emerging businesses and £111 million in follow-on funding.

Notable new investments include £15 million in Nottingham-based Cronofy to support product development and international expansion; a £30 million investment in London-based TMT ID to accelerate US growth and develop its mobile identity and fraud prevention technology; and £15 million in support of Scottish housebuilder Cruden to support sustainable housing delivery and regional expansion.

The deal’s 2025 launch also coincided with a major milestone for the BGF, which announced a £3 billion commitment to invest in UK businesses over the next five years. The pledge represents a step up from £2.3 billion invested between 2020 and 2024 and includes at least £300 million earmarked for women-funded businesses, reinforcing the BGF’s focus on inclusive growth and increasing access to finance.

The firm strengthened its leadership and advisory capabilities during the year with a series of senior appointments. Anita Dougall has joined the board as a non-executive director, bringing expertise in business growth and data. 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 has also joined BGF’s Deep Tech & Climate Advisory board, adding specialized knowledge on innovation-led growth.

Andy Gregory, chief executive of BGF, said the results demonstrate the strength of the firm’s regional model and its long-term approach to capital growth.

“2025 has been a strong year for the BGF, with historic exits and continued support for founders across the UK and Ireland,” he said. “Our performance demonstrates our ability to make flexible investments at scale while providing practical assistance to help businesses grow, create jobs and contribute to long-term economic growth.”

Since its launch in 2011, BGF-supported 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.

The social impact arm of the BGF is also expanding its work in 2025. The BGF Foundation announced its largest ever funding commitment, with £820,000 allocated to new multi-year partnerships, follow-on grants 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 staff-led volunteering time has increased by more than 60 per cent over the past three years.

Looking ahead, 2026 will mark the 15th anniversary of the BGF. To coincide with the milestone, the company plans to launch an “Entrepreneurs Celebration”, highlighting the success of BGF-backed founders and the role long-term growth capital has played in growing businesses in the UK and Ireland.