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British Business Bank appoints Deputy Chief Investment Officer

Press release 06 December 2023

The British Business Bank, the UK’s economic development bank, has appointed Ian Connatty as its first Deputy Chief Investment Officer. This is in addition to his role as Managing Director, Direct and Co-investment, British Patient Capital, a commercial subsidiary of the Bank.

The Deputy Chief Investment Officer role is a new position, which will report to the Bank's Chief Investment Officer once appointed in 2024.

Prior to joining British Patient Capital in 2018, Ian Connatty joined the Bank’s predecessor, Capital for Enterprise Ltd in 2009 and was part of the team who set up the Bank.

Ian has a particular focus on direct and co-investment and venture capital fund investing and played a key role in the deployment of the Venture Capital Catalyst, which formed the seed portfolio of British Patient Capital. Prior to joining Capital for Enterprise Ltd, Ian worked in corporate finance at technology company Infinity SDC and in financial modelling at the Royal Bank of Scotland.

Last month, the Chancellor announced a package of measures that has the potential to unlock billions of pounds of additional investment for the UK’s fastest growing and most innovative companies, thereby boosting the economy and driving returns for pension savers. As we build the capabilities we need to respond to our new opportunities, we can clearly see the need for the Bank to continue developing its direct and co-investment activities. Through his leadership of British Patient Capital’s Future Fund: Breakthrough and co-investment programmes, Ian has demonstrated his expertise and dedication to the Bank’s mission and brings a wealth of experience to the role. Louis Taylor CEO, British Business Bank
It is an honour to be taking on the role of Deputy CIO at such an exciting time for the Bank. I look forward to continuing to work with our fantastic team as we deliver long-term patient capital to the UK’s innovative, high growth companies. Ian Connatty Deputy Chief Investment Officer

British Patient Capital recently published its annual report and accounts for 2022/23. Its Future Fund: Breakthrough direct investment programme, which is led by Ian Connatty, had a very active year with £77m of investments into 10 companies across life sciences and deep tech, delivering on its objective of increasing the availability of finance for growth stage companies in R&D intensive industries.

Investments included:

  • Iceotope, a Sheffield-based developer of immersion cooling solutions for data centres and other IT infrastructure.
  • Perspectum, a medical technology business providing advanced imaging solutions.
  • PragmatIC, a Cambridge-based designer and manufacturer of semiconductors.
  • Quantum Motion, a quantum computing start-up led by academics from UCL and Oxford University.
  • Tenpoint Therapeutics, a company developing breakthrough regenerative treatments for ocular diseases.

Further Information

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Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.

The British Business Bank’s core programmes support over £12.4 billion 1  of finance to more than 90,000 smaller businesses 2 .

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4 billion in finance to 1.67 million businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries 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 the group can be found at the British Business Bank.

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