NatWest becomes an LP in Phoenix Court's venture funds in UK innovation push

What's the deal? NatWest has made its first direct limited partner (LP) commitment to an independently managed venture capital fund, investing an undisclosed sum across Phoenix CourtDealroom has a profile for this one. Try Dealroom →'s family of funds — LocalGlobeDealroom has a profile for this one. Try Dealroom →, Latitude, and SolarDealroom has a profile for this one. Try Dealroom →. The move, announced in September 2026, marks a step beyond banking services into backing UK startups from seed to scale-up.

Why now? The commitment follows the April launch of NatWest Venture BankingDealroom has a profile for this one. Try Dealroom →, the bank's push to support venture-backed businesses across their lifecycle. It complements the work of NatWest's Open Innovation team, which invests in and partners with startups.

What's the endgame? NatWest wants to keep promising British companies from looking overseas for capital. "Too often, promising British businesses look overseas for the capital and support they need to reach the next stage," said Paul Thwaite, chief executive officer of NatWest GroupDealroom has a profile for this one. Try Dealroom →.

Thwaite framed the bank's role as more than a lender. "Banks can be part of the solution," he said, adding that NatWest can use "its scale, capital and convening power" to help exceptional companies "start, scale and stay here in the UK."

The numbers behind the case: Phoenix Court points to its Solar pilot as proof of the opportunity. According to co-founder and chair Saul Klein, Solar's 18 companies generate £5 billion in annual revenue and have created more than 8,500 jobs in the UK.

Klein said Britain has built "the world's third-largest innovation economy," but many companies still lack domestic capital to scale at home. He argued the NatWest partnership would ensure "British savers benefit from our innovation, not just nurses in Denmark, teachers in Ontario and the Singapore metro system."

The signal: The deal reflects a growing push to mobilise UK institutional capital into homegrown venture funds. Jenny Edwards, head of NatWest Venture Banking, said the country "must bring together founders, investors, corporates, pension funds and policymakers if we are to compete on the global stage."

Read more: in.marketscreener.com

Image credit: bayerberg