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British Patient Capital announces €35m commitment to Kennet VI

Partners and Programmes 29 July 2024

British Patient Capital today announces a €35m commitment to Kennet Partners latest growth equity fund, Kennet VI. The fund is Kennet’s largest to date, completing a final close at €266m, with BPC investing alongside new and existing investors, including Edmond de Rothschild Private Equity.

Kennet is an international growth equity firm that invests in capital efficient companies across Europe and North America. The firm supports entrepreneurial technology businesses with expansion capital to accelerate growth. Kennet is an experienced investor with approximately $1.3 billion of cumulative funds under management.

Kennet VI builds on the success of the previous five funds and proven investment thesis. Kennet has over 25 years of experience and a proven track record across multiple market cycles. The fund focuses exclusively on investing in established, high growth B2B Software as a Service technology companies which are founder-owned and either highly capital efficient or fully ‘bootstrapped’ – built without external capital. The investment from Kennet is typically the first external funding that companies receive and is used to scale and expand internationally, build management teams and build strategic value.

British Patient Capital has a longstanding relationship with Kennet, having previously committed €57m to Kennet V in 2020.

Kennet has an established track record of identifying and supporting growth stage business, particularly those that have not previously received external capital. As a specialist in investing in bootstrapped companies, Kennet are able to support companies from outside of the traditional venture ecosystem. We are excited to continue our relationship with Kennet as they continue to support software businesses to scale and expand. Christine Hockley Managing Director, Funds, British Patient Capital
Kennet are experienced investors who specialise in working with bootstrapped companies as they look to grow and expand internationally. Kennet has repeatedly demonstrated that they can find businesses that have not received typical equity funding to date, and shown that they can help scale these businesses successfully. We are delighted to partner with a manager who adds this complementary strategy to the BPC portfolio. Chris Smart Investment Director, Funds, British Patient Capital
This fundraise marks another important milestone for Kennet as we close our largest fund to date, with a significant number of previous investors participating in this fund. At a time when the market has recognised that ‘growth at any cost’ is no longer rational, our long-standing conservative strategy has appealed to investors. Kennet’s risk-balanced strategy provides investors with the growth associated with innovative technology, while maintaining a low failure rate. We have proven over numerous fund cycles that capital efficient B2B SaaS businesses offer attractive investment opportunities and that helping entrepreneurs build outstanding management teams and enter global markets remains a winning formula. Michael Elias Managing Director, Kennet Partners

Further Information

Notes to editors

About British Patient Capital

British Patient Capital Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses. Launched in June 2018, British Patient Capital has more than £3bn of assets under management, investing in venture and venture growth capital to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more here.

British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Kennet Partners or its products or services.

About Kennet Partners

Kennet is a leading international growth equity firm that invests in high-growth companies in Europe and North America. The firm supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $1.3 billion of cumulative funds under management. The firm’s successful investment model focuses on bootstrapped companies with €3m - €50m in revenue which are often founder-managed and have previously received little external investment. Kennet provides knowledge, contacts and investment to SaaS companies where there is significant potential for growth. Kennet Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

For more information: www.kennet.com

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