Aegon UK has commenced its investment in the British Growth Partnership Fund I, with a commitment to invest £100 million over the next three years. This marks the start of Aegon UK’s entry into UK venture capital and expands the investment options available to members of its largest workplace default, the £14 billion Universal Balanced Collection (UBC).
As the cornerstone investor in the British Business Bank-backed fund, Aegon UK is supporting the growth of high-potential UK technology and life sciences businesses, helping to drive innovation and economic progress.
The investment marks a crucial step in the ongoing evolution of the UBC, first announced in 2024, focused on improving outcomes for more than 700,0001 members by strengthening diversification and delivering better long-term value for money.
As an early example of this approach, British Growth Partnership Fund I has announced an £8m investment into autonomous driving company Wayve, reflecting its focus on backing innovative UK businesses with strong growth potential. Through its partnership with the British Business Bank, Aegon UK’s members are benefiting from their established pipeline and investment experience.
Lorna Blyth, MD of Investment Solutions, Aegon UK, said:
“This partnership gives us the ability to draw on the British Business Bank’s deep market access and established pipeline of UK scale‑ups, opening up access to high‑quality UK venture opportunities that would otherwise be out of reach for DC pension savers. This is a powerful step forward in strengthening diversification, delivering value for money, and ensuring our members benefit from innovative companies shaping the UK’s future economy.”
Ian Connatty, Managing Partner, British Growth Partnership, said:
“Pension funds have long recognised the strength of UK venture capital, but structural barriers have limited their access to the market. By bringing together leading pension funds and deploying capital at speed, British Growth Partnership Fund I demonstrates how these barriers can be overcome and provides a blueprint for others to follow. Working with Aegon UK reflects the strong alignment between our objectives and our shared vision for investing in growth, and we will be building on this momentum in the year ahead.”
The value of an investment can fall as well as rise and isn't guaranteed. The final value of a member's pension pot when they come to take benefits may be less than has been paid in.
1Universal Balanced Collection assets and member data as at 31 December 2025.