Pumping new life into BGF as fund hits 15

Andy Gregory was there at the start of the bank backed fund, so what's next?

Hello Rainmakers,

BGF is rolling out the boss of its best deal yet at its fifteenth birthday celebration this week.

The fund is at a strategic crossroads, its chief executive Andy Gregory tells Rainmakers, but he also has his red lines and is determined to preserve its unique characteristics and not be just another private equity fund.

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For a fund that was set up in 2011 by the banks in the wake of the financial crisis, BGF has exceeded all expectations as to what it could achieve.

In the Turbine Hall at Tate Modern tomorrow night, BGF will roll out Craig Marshall, the CEO, OrganOxt, which it sold last year in a $1.5bn valuation.

That exit marked BGF’s largest-ever return, and highlights the importance of patient capital in scaling UK medtech innovation. No wonder when I sit down in the Manchester office with Andy Gregory, BGF’s CEO, he is purring.