VGC closes second fund on £50m

The vehicle was registered in November 2017 as VGC Member II and was supported by a £30m commitment from the British Business Bank.

The GP was founded by Parminder Basran in 2011 and operated on a deal-by-deal basis before raising $40m for Velos Partners Fund I, which was anchored by Facebook co-founder Eduardo Saverin.

VGC recently invested £2m in retail and fitness concept WIT Fitness, which has strong links to both the England rugby team and the CrossFit community.

Investors
The British Business Bank committed £30m to the vehicle through its Enterprise Capital Funds programme for early-stage venture capital. The remaining capital was pledged by private investors and high-net-worth individuals.

Investments
VGC will invest between £2-5m for minority stakes in UK-based consumer, media and technology companies with enterprise values between £10-25m.

People
VGC Partners – Parminder Basran (managing partner).

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