London-based M&G Catalyst reaches $900m first close for Growth Equity Fund I
By Kai Marek
M&G Catalyst reports a $900m first close for Growth Equity Fund I, per an aggregator. M&G's own January release speaks of commitments above $850m.
M&G Catalyst Growth Equity Fund I
London, United Kingdom
€809m
VC fund
Growth · Climate & Energy, Health & Bio, Fintech
According to "Venture Capital Tracker," the London-based firm M&G Catalyst has reached a first close of $900 million for its "Growth Equity Fund I." "Venture Capital Tracker" reports that this amount includes $100 million from the British Business Bank, as well as capital from M&G’s "With-Profits Fund." Mubadala Capital is also listed as an investor.
The investment approach follows a global "growth equity" strategy, with 20% of the capital earmarked for investment in UK-based companies. The focus is on businesses within the technology, healthcare, and sustainability sectors that aim to deliver both financial returns and measurable social or environmental impact.
M&G highlights several European examples from Catalyst’s previous activities. In 2024, the Belgian company Biobest received an investment of €75 million. In the United Kingdom, M&G points to a £40 million investment in Pragmatic Semiconductor, as well as a £25 million funding round for Reactive Technologies, which was led by M&G.