BGF
BGF, the Business Growth Fund, is one of the UK and Ireland's most active growth-capital investors, founded in 2011 and based in London. It takes minority, non-controlling stakes in growing companies. Its water bets span PFAS removal, leak detection and water-quality monitoring. As of 2026 BGF has backed 3 water companies across 3 deals, rated Anchor by (don't) Waste Water.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
BGF, the Business Growth Fund, was not born from a pitch deck. The UK's four biggest banks, Barclays, HSBC, Lloyds and NatWest, set it up in 2011 to fix a stubborn gap: profitable, growing British companies that were too big for a startup cheque and too small for the City. BGF backs them with patient, minority capital, taking a stake without taking control.
As of October 2025, BGF is doing something it has never done before. After investing more than £4.7bn of its shareholders' money into 600-plus companies, BGF is exploring its first external fundraise, advised by Lazard, to bring in up to £500m of institutional money in 2026 as part of a pledge to deploy over £3bn in five years.
BGF does not run a water fund, and that is the lens to read its water bets through. Across a generalist portfolio, three water companies stand out, and they map the sector's hardest problems: Puraffinity strips PFAS 'forever chemicals' out of water, Origin Tech finds and seals mains leaks with satellite and AI, and Ambisense puts sensors on water quality. Industrial treatment, leakage and monitoring, the three places water actually breaks.
BGF's regional reach is the thread between them. Origin Tech came out of the North East, backed by BGF's Newcastle investor John Healey, and Ambisense out of Ireland. For a fund that writes cheques in every corner of the UK and Ireland, water is turning into one of the quiet places where BGF's patient, regional model and a hard-tech sector finally line up.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 3 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- Does BGF invest in water?
- Yes. BGF, the Business Growth Fund, backs water companies as part of its wider UK and Ireland portfolio rather than through a dedicated water fund. As of 2026 it has backed 3 water companies across 3 deals, spanning PFAS removal (Puraffinity), satellite leak detection (Origin Tech) and water-quality monitoring (Ambisense).
- What is BGF (Business Growth Fund)?
- BGF, the Business Growth Fund, is a UK and Ireland growth-capital investor founded in 2011 and based in London. It is not BGF Industries, the US glass-fibre maker. BGF takes minority, non-controlling stakes in small and mid-sized companies and has invested over £4.7bn in more than 600 businesses.
- Who runs BGF?
- BGF is led by chief executive Andy Gregory, a founding member of the firm who became CEO in 2022. Its water deals are handled by regional investors such as John Healey in Newcastle, who led BGF's investment in the leak-detection company Origin Tech. BGF's shareholders are Barclays, HSBC, Lloyds and NatWest.
- Where is BGF based?
- BGF is headquartered in London, with offices across the UK in Birmingham, Manchester, Leeds, Edinburgh, Aberdeen, Bristol, Reading, Milton Keynes and Newcastle, plus Dublin in Ireland. This regional network is central to its model: roughly three quarters of its investments are in companies outside London and the South East.
- Is BGF raising a new fund?
- As of October 2025, BGF is exploring its first external fundraise, having appointed Lazard to review options for bringing in up to £500m of institutional investment in 2026. Until now BGF has been funded by its shareholder banks, and the move is part of a pledge to invest over £3bn in five years.