Downing LLP
Downing LLP is a UK-based investment management firm managing approximately £2.5bn AUM across inheritance tax solutions, listed and multi-asset funds, VCTs, and renewable energy infrastructure, serving private investors, financial advisers, and institutional clients.
- Company typePrivate
- Founded1986
- HeadquartersLondon, United Kingdom
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Downing LLP does
Downing LLP is a UK-based, FCA-regulated investment management firm founded in 1986 and headquartered at 10 Lower Thames Street, London. The firm manages approximately £2.5bn in assets across five European offices and c.270 staff, structured as a UK limited liability partnership (registered in England and Wales, company number OC341575). Its product architecture spans four pillars: (1) Inheritance Tax solutions — including the Downing Estate Planning Service, Downing Growth Estate Planning Service, Downing AIM Estate Planning Service, Downing AIM ISA, and Corporate Estate Planning — designed to provide IHT relief after two years through Business Relief-qualifying investments; (2) listed and multi-asset funds (MGTS Downing Fox Funds, VT Downing Small & Mid-Cap Income Fund, liquid alternatives including Active Defined Return Assets and Diversified Opportunities, plus listed infrastructure, European income, and global funds); (3) Venture Capital Trusts (Downing THREE VCT, Downing TWO VCT, and the Healthcare share class of Thames Ventures VCT 2); and (4) direct investment strategies in Energy & Infrastructure, Private Equity (with a healthcare focus post-2022), Property Finance, and Wholesale Finance. The firm also operates Downing Renewables & Infrastructure Trust plc (DORE), a London-listed investment trust, and Downing Renewable Developments, a wholly-owned developer of UK solar PV, battery energy storage, and onshore wind assets.
The firm's business model is a hybrid of recurring management and performance fees on pooled investment vehicles plus transaction-based revenue from property finance lending and joint-venture economics on infrastructure projects. Revenue streams include management fees and performance fees on VCTs, EIS funds, IHT solutions, listed funds and liquid alternatives (subscription/recurring model), interest income and fees from Downing Property Finance development loans (transaction fee model), and returns from joint-venture co-investments such as the £300m+ UK solar programme with Tokyo Century Corporation (managed services/economics model). The firm sells through three segmented direct sales channels — private investors, financial advisers/DFMs, and institutional investors — supported by a dedicated institutional portal, an adviser education hub with CPD courses and webinars, and the Downing Crowd bonds platform.
Downing's strategy has shifted decisively toward renewable energy infrastructure since 2022. In July 2022, the firm divested its non-healthcare ventures business to Foresight Group LLP and refocused its VCT activity on healthcare. It subsequently expanded infrastructure ownership via the Tokyo Century joint venture targeting 500MW of utility-scale solar, acquisitions of the 72.1MW New Hall and Low Farm projects from BOOM Power and the 42.5MW Higher Witheven project from Windel/Canadian Solar, plus contracted battery storage partnerships with e-STORAGE for Drax Group. The firm also holds B Corp certification (awarded September 2022) and has won consecutive 'Best Tax and Estate Planning Solutions Provider' awards in 2024 and 2025, anchoring its responsible-investing positioning.
Downing LLP firmographics
Firmographics- Name
- Downing LLP
- Legal name
- Downing LLP
- Website
- https://downing.co.uk
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Downing LLP is a UK-based investment management firm managing approximately £2.5bn AUM across inheritance tax solutions, listed and multi-asset funds, VCTs, and renewable energy infrastructure, serving private investors, financial advisers, and institutional clients.
- Ownership category
- akta.pro rank
Downing LLP industry classification
Industry- Product category
- Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Discretionary Portfolio Management (DPM) (FSAAABAC)
Keywords
Where Downing LLP is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Downing LLP business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Investment Management Fees: Downing generates revenue through management fees and performance fees from its range of investment products including VCTs, EIS funds, inheritance tax solutions, listed funds, and liquid alternatives.
- Property Finance Lending: Downing Property Finance provides development loans and bridging finance to property developers, generating interest income and fees from property finance transactions.
- Joint Venture Co-Investments: Downing participates in joint ventures with partners like Tokyo Century Corporation for utility-scale solar projects, generating returns through project ownership and development.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Downing LLP product offering
Product offeringCore offering
Downing LLP is a UK-based investment management firm managing approximately £2.5bn in assets across five European offices. The firm offers tax-efficient investment products including Venture Capital Trusts (VCTs), Enterprise Investment Schemes (EIS), and Business Relief-qualifying inheritance tax solutions, alongside a suite of open-ended funds (multi-asset, UK equities, liquid alternatives, listed infrastructure, and global equities) and an in-house infrastructure asset management capability focused on renewable energy and infrastructure assets.
Product overview
Downing LLP is an established UK investment management firm offering a diversified portfolio of investment products and services. The firm operates a multi-product architecture comprising: Inheritance Tax solutions (Downing Estate Planning Service, Downing Growth Estate Planning Service, Downing AIM Estate Planning Service, Downing AIM ISA, and Corporate Estate Planning) that aim to provide IHT relief after two years through BR-qualifying investments; Downing Fund Managers suite including MGTS Downing Fox Funds (multi-asset), VT Downing Small & Mid-Cap Income Fund (UK equities), and various listed infrastructure, global, European income, and unique opportunities funds; Liquid Alternatives products including MGTS Downing Active Defined Return Assets Fund and MGTS Downing Diversified Opportunities Fund; Venture Capital Trusts (Downing THREE VCT, Downing TWO VCT, and Thames Ventures VCT 2); and investment strategies in Energy & Infrastructure, Private Equity, Property Finance, and Wholesale Finance. The firm also manages Downing Renewables & Infrastructure Trust and operates Downing Renewable Developments subsidiary for developing solar, battery storage, and wind assets.
Differentiator
Problem solved
Functional benefit
Brands
- Downing Fund Managers: A suite of funds managed by experienced fund managers providing distinctive investments in multi-asset, UK equities, and other strategies.
- MGTS Downing Fox Funds
- VT Downing Small & Mid-Cap Income Fund
- MGTS Downing Active Defined Return Assets Fund
- MGTS Downing Diversified Opportunities Fund
- Downing Estate Planning Service
- Downing Growth Estate Planning Service
- Downing AIM Estate Planning Service
- Downing AIM ISA
- Downing Renewable Developments
- Downing Crowdfunding
Products and services
- Downing Estate Planning Service Estate planning service that aims to provide Inheritance Tax relief after two years by investing in carefully selected unlisted BR-qualifying companies, targeted at high-net-worth individual investors.
- Downing Growth Estate Planning Service Estate planning service aimed at providing IHT relief after two years, focusing on growth through asset-backed investments, for individual investors seeking estate planning solutions.
- Downing AIM Estate Planning Service Estate planning service that provides IHT relief after two years by investing in BR-qualifying companies listed on AIM (the Alternative Investment Market), for individual investors.
- Downing AIM ISA ISA investment service that aims to provide IHT relief after two years by investing in BR-qualifying companies listed on AIM, held within an ISA wrapper for additional tax benefits, for individual investors.
- Corporate Estate Planning Service exploring potential planning ideas for when a build-up of cash within a business affects the availability of IHT relief, for corporate clients and business owners.
- MGTS Downing Fox Funds Multi-asset fund designed specifically for financial advisers, managed by experienced investment manager Simon Evan-Cook, providing diversified multi-asset exposure.
- VT Downing Small & Mid-Cap Income Fund UK equities fund focused on small and mid-cap companies, providing income and growth exposure to UK-listed equities for advisers and their clients.
- MGTS Downing Active Defined Return Assets Fund Liquid alternatives fund designed to deliver outcome-focused solutions with defined return characteristics for financial advisers and their clients.
- MGTS Downing Diversified Opportunities Fund Liquid alternatives fund providing diversified investment opportunities within Downing's liquid alternatives suite for financial advisers and their clients.
- VT Downing Listed Infrastructure Income Fund Listed infrastructure fund targeting income returns from listed infrastructure investments for financial advisers and their clients.
- VT Downing Global Investors Fund Global equities fund providing international investment exposure for financial advisers and their clients.
- VT Downing European Unconstrained Income Fund European income fund with an unconstrained mandate providing income-oriented European equity exposure for financial advisers and their clients.
- VT Downing Unique Opportunities Fund Fund targeting unique investment opportunities across various sectors for financial advisers and their clients.
- Downing THREE VCT Limited life Venture Capital Trust focusing on asset-backed investments for capital preservation, currently in solvent voluntary liquidation, for existing investors.
- Downing TWO VCT Limited life Venture Capital Trust focusing on asset-backed investments for capital preservation, with ongoing return of funds to F, G, and K Share holders, for existing investors.
- Thames Ventures VCT 2 Venture Capital Trust (formerly Downing FOUR VCT) managing healthcare share class investments following the July 2022 sale of the non-healthcare ventures business to Foresight Group.
- Downing Renewables & Infrastructure Trust Investment trust designed to deliver stable, inflation-linked returns, diversifying across renewable energy technology, geography and energy, for institutional and retail investors.
- Downing Renewable Developments Develops solar PV, battery energy storage and onshore wind assets in the United Kingdom as a wholly-owned operating subsidiary of Downing LLP.
- Energy & Infrastructure Investment Strategy Investment strategy focused on renewable energy, diversifying across technology, geography and energy to deliver attractive risk-adjusted returns for institutional and other investors.
- Private Equity Investment Strategy Investment strategy partnering with management teams, offering flexible funding and strategic guidance across diverse sectors including healthcare and specialist education.
- Property Finance Investment Strategy Property finance funding service for SME developers and intermediary partners, providing development loans, bridging finance, and structured wholesale finance facilities.
- Wholesale Finance Investment Strategy Structured wholesale finance offering to SME and bridging finance lenders, focusing on block discounting and structured facilities for intermediary lenders.
- Downing Crowd (Bonds Platform) Online bonds platform allowing investors to build diversified bond portfolios by lending to established asset-backed businesses across various sectors, targeted at individual investors.
Quantifiable outcome
- Downing was awarded 'Best Tax and Estate Planning Solutions Provider' at the 2024 and 2025 Investment Life & Pensions Moneyfacts Awards
- +1 more outcomes
Companies that use Downing LLP
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles4 records
Downing LLP technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Downing LLP partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Canadian Solar (e-STORAGE and Recurrent Energy)coree-STORAGE secured contract to deliver 420MWh AC of battery energy storage systems across two projects for Drax Group. Recurrent Energy (subsidiary) sold the 42.5MWp Higher Witheven solar project in Cornwall to Downing and secured a Contract for Difference in UK government's Allocation Round 7.
- Natural PowerminorTechnical adviser to investment manager Downing on the acquisition of the 42.5MW Higher Witheven solar project in Cornwall. Provided comprehensive technical due diligence including land lease arrangements, planning consents, grid connection agreements, site inspection, and pre-construction energy yield assessment.
- Osborne ClarkeminorLegal adviser to Downing LLP on the £300m+ UK solar investment joint venture with Tokyo Century Corporation.
- BOOM PowerminorDowning acquired the New Hall and Low Farm solar projects from BOOM Power in December 2025, with combined capacity of 72.1MW located near Wakefield in West Yorkshire. The projects are well-developed consented assets aligned with Downing's renewable energy strategy.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Downing LLP competitors and assessment
Company assessmentDirect peers
- Octopus Investments: Large UK investment manager offering VCTs, EIS, IHT solutions, and renewable energy funds. Directly competes for UK tax-efficient investment capital across both advised and direct channels, with overlapping product range.
- Albion Capital: UK VCT and growth capital specialist manager with overlapping venture capital trust offerings and similar SME investment focus. Comparable in scale and product specialisation.
- Mobeus Equity Partners: UK VCT and growth capital manager with overlapping SME investment focus and similar tax-efficient product offering for advised and direct investors.
- Puma Investments: UK VCT and EIS specialist manager directly competing for tax-efficient investment mandates in the advised channel. Comparable product set and target audience to Downing's BR-qualifying IHT solutions.
- Foresight Group: UK investment manager with focus on infrastructure, renewable energy, and VCT/EIS products. Directly comparable in product mix and even acquired Downing's non-healthcare ventures business in 2022 — making it the closest direct peer and most direct competitor.
- Triple Point Investment Management: UK investment manager offering VCT, EIS, and IHT products with similar product mix to Downing. Closely comparable in product architecture, target customer segments, and distribution focus.
Broad incumbents
- AJ Bell: UK investment platform with broader retail investment focus including SIPP and ISA wrappers. Adjacent competitor for UK private investor capital and adviser-distributed products.
- Hargreaves Lansdown: Large UK investment platform serving retail investors with broad multi-asset, equity, and fund offerings. While not a specialist IHT/VCT manager, it competes for UK advised investment capital and serves as a broader incumbent in the same end market.
- abrdn: Large UK and global asset manager with multi-asset, UK equity, and infrastructure products that overlap with Downing's fund range. Competes for institutional and advised mandates at a much larger scale.
- Quilter: UK wealth manager and platform offering multi-asset funds and advised investment solutions. Competes for UK advised investor capital with a broader product range and significantly larger scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Downing LLP social profiles
Digital presenceDowning LLP financial estimates
Financial estimateRevenue estimate
Valuation estimate
Downing LLP leadership team
Management profileNumber of profiles
Profiles5 records
Downing LLP subsidiaries and ownership
Company hierarchySubsidiaries4 records
Downing LLP funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Downing LLP M&A and investment
M&A and investmentM&A1 record
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Downing LLP
What does Downing LLP do?
Downing LLP is a UK-based investment management firm managing approximately £2.5bn in assets across five European offices. The firm offers tax-efficient investment products including Venture Capital Trusts (VCTs), Enterprise Investment Schemes (EIS), and Business Relief-qualifying inheritance tax solutions, alongside a suite of open-ended funds (multi-asset, UK equities, liquid alternatives, listed infrastructure, and global equities) and an in-house infrastructure asset management capability focused on renewable energy and infrastructure assets.
Is Downing LLP a public or private company?
Downing LLP is a private company. It is classified as management employee owned and is currently operating.
When was Downing LLP founded?
Downing LLP was founded in 1986. It employs 251 to 500 people.
Where is Downing LLP based?
Downing LLP is headquartered in London, United Kingdom, in the Europe region.
How does Downing LLP make money?
Three revenue lines are on record. Investment Management Fees are the primary driver. The others are property Finance Lending and joint Venture Co-Investments.
Who are Downing LLP's main competitors?
Direct peers on record are Octopus Investments, Albion Capital, Mobeus Equity Partners, Puma Investments, Foresight Group and Triple Point Investment Management. Broad incumbents are AJ Bell, Hargreaves Lansdown, abrdn and Quilter.
Does Downing LLP have an API?
No public API is recorded for Downing LLP.
What industry is Downing LLP in?
Downing LLP's product category is Investment Management. Its primary akta.pro industry code is FSAAABAC, Discretionary Portfolio Management (DPM). Its NAICS code is 523940 and its SIC code is 6282.