20th September 2023



20 September 2023

Funding London and London Treasury Limited have joined forces as part of the reorganisation of the Greater London Authority’s (GLA) investment management subsidiaries to improve operational resilience, achieve consistent oversight, and increase opportunities to work with third party investors.

Funding London is a successful SME and venture capital investment organisation bridging the funding gap for London-based early-stage businesses.  Established back in 2004, we create and support venture capital and loan funds to support the Economic Development Strategy for London through specific strategies to deliver impact, economic growth and job creation.  We have a strong track record of delivering financial returns growing our Assets Under Management to £180m.

London Treasury Limited (LTL) is the Principal Portfolio Manager of the London Treasury Liquidity Fund, a unique investment partnership between six local authorities with ambitions to expand across London, structured as an Alternative Investment Fund (AIF).

LTL also provides discretionary portfolio management and strategic advice on debt management as part of the GLA’s shared treasury management service and green finance services including carbon impact analysis and project appraisal, at the heart of London’s ambition for Net Zero Carbon by 2030.

At the core of both organisations is the blend of public sector mission and private sector entrepreneurialism and pace.

The combination will see the Funding London team transfer to LTL, and change Funding London from arms-length to GLA-managed status.  Our investment funds and other business support activities will continue as normal and will continue to be led by the current team. 

Integrating the Funding London and LTL teams will provide synergies and additional resilience, for example across similar specialist requirements for partnership and fund accounting, whilst allowing to mitigate key person risk.  Overtime, the combination will enable us to pursue a wider range of opportunities to expand our mission.  In turn, the FL team will bring skills and experience to LTL to inform the expansion of the combined group’s investment management activities.  

Chair of the Combined Management Company

Funding London’s current Chair, Sir Harvey McGrath, will Chair the combined management company[1]. Sir Harvey is the former chair of the London Development Agency, former CEO and Chair of Man Group plc and Prudential plc, and latterly the chair of Big Society Capital.

Update on Funding London’s Flagship Programmes

London Co-investment Fund re-commences investment activity

We are delighted to announce that the London Co-investment Fund is once again actively investing alongside its co-investment partners.  Over time, we will seek to recruit new co-investment partners and identify new sources of fresh capital for the fund.

LCIF has invested over £26m in 156 companies since its inception. The fund has generated strong returns, the TVPI currently stands at 2.2x and a DPI of 0.40x. The fund’s investees have created over 5,600 new jobs since its initial investment. The diversity profile of this job creation is commendable with over 36% females and 23% from minority ethnic backgrounds.

The Greater London Investment Fund (GLIF) approaches the end of its investment period

31 December 2023 will mark the end of the investment period for GLIF’s funds: the Greater London Fund and The FSE Loan Funds.  Despite the enormous challenges that arrived with COVID in March 2020, less than a year after the launch of the fund, GLIF is on track to achieve its objective of investing £100m across c. 150 high growth businesses in London.  The quality of the portfolios built by MMC Ventures and FSE Group is excellent.  TVPI across all funds stands at 2.8x

Investment Ready Programme for Underrepresented Entrepreneurs continues

Our impactful Investment Readiness Programme is continuing for a further 18 months as a result of our successful bid to secure funding from the UK Shared Prosperity Fund.  Activity is well underway with the first cohort of 20 businesses launching on 22 September.  Applications are open and can be accessed via

The programme will run until the end of March 2025 and aims to support at least 100 early-stage businesses led by underrepresented entrepreneurs to raise the funds they need to accelerate their growth.

The Future

As stated above, the combination of FL and LTL will enable us to explore a much wider range of options to expand our activities and approach diverse sources of funding to invest alongside our capital base.  We therefore look to the future with optimism.   


Sir Harvey McGrath:  

This combination strengthens both FL and LTL and provides a platform to develop and enhance the range of activities undertaken by both, and as such is to be very much welcomed”.

Luke Webster, Managing Director of London Treasury:

“This reorganisation strengthens both London Treasury’s executive capacity and independent board. We look forward to working with a wider group of investors and continuing to add value to the public sector.”

Maggie Rodriguez-Piza, Chief Executive of Funding London:

“Funding London has established an impressive track record through its dedication to supporting SMEs. Our reputation for innovation in investment funds and nurturing start-ups is widely respected, and we are thrilled about the next stage ahead”. 


Further information: