Providing financing solutions to new businesses.
Legal & General Capital has committed £600m in this sector (including Venture Capital and SME Finance) with a current portfolio of approximately £400m invested to date.
To facilitate the broader Legal & General Group strategy, Legal & General Capital continues to invest in start-up businesses across the UK through Venture Capital managers and direct stakes in innovation and growth companies that are strategically aligned with our business. Legal & General has invested with 8 venture capital managers who have now invested in over 250 startups, predominantly in the UK. This investment strategy will continue to evolve as we look to deploy more of our own funds across the UK, Europe and Globally.
Legal & General owns 40% of Pemberton, a leading mid-market European lender. Pemberton has stepped in where banks have stepped back, to lend to Small and Medium Enterprises across Europe. Pemberton have now over 4bn euros committed Assets Under Management.
In July 2018 Legal & General Retirement Retail (LGRR) invested in Care Sourcer – the UK’s first comparison and matching service for care. LGRR participated in an £8.5m funding round alongside existing investor, Accelerated Digital Ventures; a tech investment specialist that Legal & General Capital backed in December 2016 as part of its venture capital strategy.
The funding, the largest Series A funding round to be received by a digital tech company in Scotland, is being used to expand Care Sourcer’s care-matching technology UK wide, and grow the team from 20 employees to more than 100 in the next two years.
The funding comes at a time when the UK faces up to the realities of an ageing society: where the costs and other burdens of financing and providing care for the elderly are accelerating, and where innovative and agile solution providers such as Care Sourcer are perfectly placed to capitalise on the growing opportunities.