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Strategic report

Our business in numbers

This section analyses the performance* of British Patient Capital’s investments in 2020.

It is encouraging that BPC has maintained positive returns given it is early in the life of the patient capital portfolio we are building. Due to the significant increase in commitments made during 2019/20, IRR and Return on Capital have naturally dipped.

BPC box icon 2020

£1,004m

(Last year £599m)
Total value of portfolio commitments

BPC commitments icon 2020

42

(Last year 31)
Total number of portfolio commitments

BPC value icon 2020

£405m

(Last year £334m)
Value of new commitments

BPC no of new funds icon 2020

11

(Last year 12)
Number of commitments to new funds

BPC TVPI icon 2020

1.15

(Last year 1.15)
TVPI multiple

BPC Return on capital icon 2020

7.4%

(Last year 8.2%)
Return on capital (gross)

BPC IRR icon 2020

10.7%

(Last year 13.3%)
Portfolio IRR

Our portfolio

Total commitments by vintage (£m)

01 BBB BCP Total commitments by vintage Chart

Total number of commitments by vintage

02 BBB BCP Total number of commitments by vintage Chart

Total number of commitments, venture v. venture growth funds

03 BBB BCP Total number of commitments venture growth Chart

Number of commitments to new funds in 2019/20 by new v. existing relationships

04 BBB BCP Number of commitments to new funds Chart

Commitments including third party capital (£m)

05 BBB BCP Commitments including third party capital Chart 2

Number of underlying company investments by vintage

06 BBB BCP Number of underlying company investments Chart

* TVPI, Portfolio IRR and Return on capital refer to British Patient Capital only, all other metrics refer to British Patient Capital and third-party mandates.

† Transferred in assets refers to a portfolio of investments acquired from British Business Investments during British Patient Capital’s first year of trading.

‡ 286 of these companies have UK headquarters.

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