- Investment to be delivered through Aegon UK’s largest workplace default, the £14 billion Universal Balanced Collection (UBC) fund, and deployed over a three-year period.1
- Members now have access to UK venture capital, including innovative later-stage technology and life sciences businesses.
- This move supports the evolution of the UBC fund, first announced in 2024, to deliver greater diversification and long-term value for members.
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) fund.
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, Managing Director of Investment Proposition, 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 your investments may go down as well as up, and investors may get back less than they invest.
References
- Universal Balanced Collection assets under management (AUM) and member data as at 31 December 2025.
About Aegon
In the UK, Aegon offers pension and investment solutions to over 3.5 million customers, supported by over 3,000 employees. Figures are correct as of 31/12/2024. Learn more at aegon.co.uk/about-us
Aegon UK is part of the wider Aegon Group, an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection and retirement solutions. Aegon’s portfolio of businesses includes fully-owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market-leading Dutch insurance and pensions company.
Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com/about
Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered office: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No. SC144517). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 165548. © 2026 Aegon UK plc
The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.