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British Patient Capital announces £25m commitment to SV Health Investors’ Dementia Discovery Fund 2

Press release 20 March 2025

British Patient Capital, a commercial subsidiary of the British Business Bank, has made a £25 million commitment to the Dementia Discovery Fund 2 (DDF-2), managed by SV Health Investors. This follows British Patient Capital’s £24 million investment in the first Dementia Discovery Fund.

The Dementia Discovery Fund (DDF) is a specialised venture capital fund that invests exclusively in companies developing or enabling novel therapeutics for dementia, one of the world’s largest medical and societal challenges, affecting 55 million patients globally. Leveraging a team of experienced investment professionals, global access to top academic centres, and industry strategic partners, DDF has cultivated extensive expertise in the dementia space. Since 2015, DDF has nurtured a portfolio of 19 promising companies, leading to 11 assets in the clinic, significant follow-on investment and a number of strategic pharma partnerships.

Including British Patient Capital’s commitment to DDF-2, the fund has now achieved its target raise of $250 million.

Over the last 10 years, substantial advances were made in the field of neurodegenerative diseases that have expanded our understanding of the causes and drivers of dementia. Significant milestones have also been reached such as the first commercial launch of disease modifying treatments. This new fund will build on this progress and provide essential venture finance towards the development of first in class dementia therapeutics.

Christian Jung, Partner, SV Health Investors, said:

Dementia is now the leading cause of death in the UK, with devastating consequences for patients and their families, and the global costs associated are expected to exceed $2.8 trillion by 2030. We are excited to welcome British Patient Capital into this new fund, DDF-2, which will continue the first fund's strategy which aims to invest in, create, and scale the best UK and international biotech companies that develop breakthrough, high-impact treatments in this critical field. We are delighted to seize this dual opportunity for driving meaningful advancements for patients and delivering strong financial returns for our investors.

Christine Hockley, Managing Director, Funds, British Patient Capital, said:

The UK is a world leader in life sciences, but the R&D-intensive nature of the sector means it depends on long term capital to commercialise and scale breakthrough research. British Patient Capital is designed to increase the availability of funding for high-potential UK life sciences companies by working with specialist venture growth funds. Our cornerstone commitment to DDF-2 will finance vital medical research while also helping to cement the UK's global position in neuroscience.

Mark Andrews, Investment Director, Life Sciences, British Patient Capital, said:

The medical and societal burden caused by dementia is one of the greatest challenges of our time. The development of treatments for such a complex medical problem requires a depth of experience and a sophisticated approach to backing innovative drug development programmes such as the team have evidenced in the predecessor fund. We believe that the continuation of this strategy will be a significant asset in the development of therapeutics for dementia and will be important towards cementing the position of the UK as a global leader in the space.

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 on British Patient Capital.

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 Dementia Discoveries Fund.

About The Dementia Discovery Fund

The Dementia Discovery Fund (DDF), managed by SV Health Investors, is the world's largest family of specialized venture capital funds that invests exclusively in companies developing or enabling novel therapeutics for dementia. Dementias, including Alzheimer's Disease, are arguably the largest unmet medical need, with over 55m patients worldwide.

With more than $550m raised for this strategy, and offices in London and Boston, DDF capitalizes on global investment opportunities to fulfill its mandate of delivering measurable impact and generating significant financial returns. Utilizing its network of venture partners, entrepreneurs, leading scientists, and strategic partners, DDF invests in and creates new biotech companies and provides thought leadership in the field. DDF is enabled by its limited partners including major pharmaceutical companies (Biogen, Bristol Myers Squibb, Eli Lilly and Co., GSK, Johnson & Johnson, Otsuka (Astex), Pfizer and Takeda), along with AARP, Aegon, Bill Gates, British Patient Capital, NFL Players Association, Quest Diagnostics, UnitedHealth Group, and the non-profits Alzheimer's Research UK and LifeArc. Learn more at Dementia Discovery Fund.

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