Question to the Department for Business and Trade:

To ask His Majesty's Government how much of the £250 million of public capital committed under the Long-term Investment for Technology and Science (LIFTS) initiative has been (1) drawn down to date, and (2) deployed to portfolio companies; whether any LIFTS-backed fund has deployed capital outside of the UK; and if so, what proportion of the total fund portfolio is composed of non-UK investments.

In November 2024, the British Business Bank announced it had completed its £250m investment alongside Phoenix Group with Schroders Capital under the Long-Term Investment for Technology and Science (LIFTS) initiative.

This was matched by £250m of pension investment from Phoenix Group, creating a £500m investment vehicle. Schroders Capital began making its first investments in January 2025. UK businesses which have received investment include the AI company Synthesia. Schroders Long Term Asset Fund (LTAF) Direct Investments are only made in companies based in the UK; LTAF Funds may invest in the UK and internationally.

As the Fund is still new, no data is currently available on Fund deployment.