Patient Capital Review
- HM Treasury and Department for Business, Energy & Industrial Strategy
- First published:
- 23 January 2017
- Last updated:
- 9 February 2017, see all updates
The Treasury publishes the terms of reference for the Patient Capital Review, which will support innovative firms to access the finance that they need to scale up.
The Patient Capital Review was announced by the Prime Minister in November 2016. The review, which will be led by HM Treasury, will identify barriers to access to long-term finance for growing firms.
The terms of reference set out that the review will:
- consider the availability of long-term finance for growing innovative firms looking to scale up
- identify the long-term root causes affecting the availability of long-term finance for growing innovative firms, including any barriers that investors may face in providing long-term finance
- review international best practices to inform recommendations for the UK market
- consider the role of market practice and market norms in facilitating investment in long-term finance
- assess what changes in government policy, if any, are needed to support the expansion of long-term capital for growing innovative firms
The review will have a separate industry panel. The panel will be chaired by Sir Damon Buffini. The role of the industry panel will be to help to define the key themes for the review’s consultation phase and then to provide a package of recommendations as part of a formal response to the review’s consultation. The members of the industry panel are:
- Kym Lynn Denny, CEO, hVIVO PLC
- Dr Fiona Marshall, FMedSci Chief Scientific Officer & Co-founder, Heptares Therapeutics Ltd
- Ambarish Mitra, Founder and CEO, Blippar
- Sara Murray OBE, CEO & Founder, Buddi
- Tim Score, Former Finance Director, ARM
- Juliet Davenport OBE, CEO & Founder, Good Energy
- Neil Woodford CBE, Founding Partner, Woodford Investment Management
- David Norwood, Acting CEO, Oxford Sciences Innovation Plc
- Stephen Welton, CEO, Business Growth Fund
- Professor Lucy Armstrong, CEO, The Alchemist
- Dr Mike Lynch OBE, FRS, FREng, Founder, Invoke Capital
- Tim Hodgson, Head of Thinking Ahead Group & Founder, Thinking Ahead Institute
- Stuart Paterson BA, CA, MBCS Partner, Scottish Equity Partners
- Gervais Williams, Managing Director, Minton Capital PLC
- Dr Nigel Wilson Group, CEO, Legal & General
- Tay Lim Hok, Deputy Group Chief Investment Officer/President, GIC Europe
- Nikhil Rathi, CEO, London Stock Exchange Plc & Director of International Development LSE
- Professor Fiona Murray, Professor of Entrepreneurship, MIT Sloan School of Management.
The review will publish a consultation in spring 2017.
Published: 23 January 2017
Updated: 9 February 2017
- Updated with Patient Capital Review Industry Panel Terms of reference and panel membership
- First published.