Downing Ventures

What Downing Ventures does

Downing Ventures is a division of Downing LLP, a UK-based investment management firm founded in 1986 and headquartered at 10 Lower Thames Street, London. The firm manages approximately £2.5bn in assets under management as of September 2025, employing around 270 staff across five European offices (UK, Sweden, Finland). Downing operates a platform-plus-strategies model spanning five principal pillars: Inheritance Tax solutions (Downing Estate Planning Service, Downing AIM Estate Planning Service, Downing AIM ISA, Downing Growth Estate Planning Service, Corporate Estate Planning) built around Business Relief-qualifying investments; Venture Capital Trusts and EIS products (Downing TWO VCT, Downing THREE VCT, Thames Ventures VCT 1 & 2, Downing Healthcare Impact EIS); a Downing Fund Managers boutique range (MGTS Downing Fox Funds multi-asset, VT Downing Small & Mid-Cap Income Fund, VT Downing Listed Infrastructure Income Fund, VT Downing Global Investors Fund, VT Downing European Unconstrained Income Fund, VT Downing Unique Opportunities Fund); liquid alternatives (MGTS Downing Active Defined Return Assets Fund, MGTS Downing Diversified Opportunities Fund); and direct investment strategies in Energy & Infrastructure, Private Equity (healthcare and specialist education), Property Finance, and Wholesale Finance. Downing also runs the listed Downing Renewables & Infrastructure Trust (DORE) and an in-house development arm, Downing Renewable Developments, which builds solar PV, battery energy storage and onshore wind assets in the UK.

The firm's revenue model is based on recurring management fees and performance fees on AUM across its product range, distributed through three distinct channels: direct sales to private investors, an intermediary channel via financial advisers and discretionary fund managers, and a dedicated institutional investor portal. GTM is sales-led, with separate contact channels, dedicated sales teams, and an Adviser Education Hub delivering CPD content to support intermediary distribution. The firm is FCA-regulated (FRN 545025) and has been B Corp certified since September 2022.

In July 2022, Downing divested its non-healthcare ventures business to Foresight Group LLP, transferring the management contracts for Downing ONE and FOUR VCTs (renamed Thames Ventures VCT 1 and 2) and refocusing its ventures activity entirely on healthcare. Notable strategic partnerships include a £300m UK solar investment programme with Tokyo Century (2018), a battery storage initiative with Pivot Power (later acquired by EDF Renewables UK), real estate funding deals with Pollen Street Capital, utility-scale solar partnerships with Yorkshire Water and Southern Water, and a green data centre solar project with Kao Data. The firm has also extended energy and infrastructure operations into the Nordics via Swedish and Finnish offices. Downing's core technology differentiator is a fully integrated, in-house infrastructure asset management team providing real-time control and data monitoring over its renewable energy and infrastructure holdings — a vertically integrated capability uncommon for a UK manager of its scale.

Name

Downing Ventures

Legal name

Downing LLP

Website

https://downing.co.uk

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

Downing Ventures, the venture arm of Downing LLP, is a UK-based FCA-regulated investment manager with £2.5bn AUM offering VCTs, EIS, IHT solutions, boutique funds and renewable energy infrastructure to private investors, financial advisers, and institutional clients.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industries

Venture Capital Fundraising Placement (FSAEALAC), Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

Keywords

• Venture capital
• Asset management
• Investment management
• Inheritance tax planning
• Renewable energy investments

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Management Fees: Downing generates revenue through management fees and performance fees from managing various investment products including VCTs, EIS funds, multi-asset funds, and infrastructure trusts.
2. Fund Management: Revenue from managing listed funds including VT Downing Fox Funds, VT Downing Small & Mid-Cap Income Fund, and liquid alternatives products.
3. Inheritance Tax Solutions: Products providing IHT relief through investment in BR-qualifying companies, unlisted companies, and AIM-listed companies.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Downing Ventures, a division of Downing LLP, is a UK investment management firm that deploys venture capital into early and growth stage technology and healthcare businesses and offers a diversified range of investment products including Inheritance Tax (IHT) relief solutions, Venture Capital Trusts (VCTs), Enterprise Investment Schemes (EIS), multi-asset and equity funds, liquid alternatives, bonds, and direct investment strategies in renewable energy infrastructure, private equity, property finance, and wholesale finance.

Product overview

Downing is an established UK investment management firm offering a diversified portfolio of investment products and services. The firm operates a platform-plus-strategies model with multiple product lines including: Inheritance Tax (IHT) solutions (Downing Estate Planning Service, Downing AIM Estate Planning Service, Downing AIM ISA, Downing Growth Estate Planning Service, Corporate Estate Planning) providing Business Relief-focused estate planning; Downing Fund Managers boutique range of funds (MGTS Downing Fox Funds multi-asset, VT Downing Small & Mid-Cap Income Fund, VT Downing Listed Infrastructure Income Fund, VT Downing Global Investors Fund, VT Downing European Unconstrained Income Fund, VT Downing Unique Opportunities Fund); Liquid Alternatives (MGTS Downing Active Defined Return Assets Fund, MGTS Downing Diversified Opportunities Fund); Venture Capital Trusts (Downing TWO VCT, Downing THREE VCT, Thames Ventures VCT 1, Thames Ventures VCT 2); Enterprise Investment Schemes (Downing Healthcare Impact EIS); and debt products (Downing Bonds via Downing Crowd). The firm also manages direct investment strategies in Energy & Infrastructure, Private Equity, Property Finance, and Wholesale Finance sectors, plus the listed Downing Renewables & Infrastructure Trust (DORE) and subsidiary Downing Renewable Developments. With approximately £2.5bn assets under management (as at September 2025), the firm is B Corp certified and focuses on responsible investment with both profitability and environmental/social impact considerations.

Differentiator

Problem solved

Functional benefit

Brands

• Downing Estate Planning Service: Inheritance tax relief solution investing in carefully selected unlisted BR-qualifying companies
• Downing AIM Estate Planning Service
• Downing AIM ISA
• Downing Growth Estate Planning Service
• MGTS Downing Fox Funds
• VT Downing Small & Mid-Cap Income Fund
• MGTS Downing Active Defined Return Assets Fund
• MGTS Downing Diversified Opportunities Fund
• Downing Crowd
• Downing Fund Managers

Products and services

• Downing Estate Planning Service

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core and minor.

• Pivot PowercoreStrategic or Co-development Partner · 1 January 2018Downing partnered with Pivot Power to launch battery storage systems, including a project for Arsenal FC. Pivot Power was subsequently acquired by EDF Renewables UK.
• Yorkshire WatercoreStrategic or Co-development PartnerDowning partnered with Yorkshire Water to develop 28 new solar sites, combining water utility infrastructure with renewable energy deployment.
• Southern WaterminorStrategic or Co-development PartnerPartnership for water sector renewable energy and sustainability projects.
• Kao DataminorStrategic or Co-development PartnerDowning Renewable Developments partnered with Kao Data to build green data centre solar farm, combining digital infrastructure with renewable energy.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Maven Capital Partners: UK VCT/EIS/venture manager investing in regional SMEs, with comparable product structure, intermediary focus, and regional office footprint to Downing.
• Mobeus Equity Partners: Specialist UK VCT manager backing lower-mid-market companies; closely comparable in VCT economics, healthcare/SME exposure, and adviser-led fundraising model.
• Calculus Capital: London-based EIS/VCT manager with a similar focus on tax-efficient growth investments for UK advisers and investors, overlapping in product structure and distribution.
• Puma Investments: UK VCT/EIS manager operating both growth and AIM IHT services. Comparable to Downing's AIM Estate Planning and VCT offerings in target market and product design.
• Albion Capital: UK VCT and EIS manager with similar tax-wrapper product suite and intermediary-led distribution. Directly comparable in venture funding model and target SME/early-stage portfolio.
• Foresight Group: Acquired Downing's non-healthcare ventures business in 2022 and operates adjacent VCT/EIS/infrastructure strategies. Highly comparable in UK tax-wrapped product focus and renewable infrastructure asset management.
• Octopus Investments: UK investment platform running VCTs, EIS, IHT/BR solutions, multi-asset funds and venture portfolios. Closely comparable to Downing in product breadth, intermediary distribution model, and UK retail/adviser target market.
• Greencoat UK Wind: Listed UK renewable infrastructure fund with wind/solar exposure. Directly comparable to Downing Renewables & Infrastructure Trust (DORE) in mandate, asset class, and inflation-linked return profile.

Broad incumbents

• St. James's Place: Large UK wealth manager with broad investment solutions and extensive adviser network; comparable to Downing on adviser distribution and UK retail client base, but much larger and more diversified.
• Rathbones Group: UK wealth and investment manager offering discretionary portfolio management, funds, and tax-efficient structures. Comparable to Downing in adviser-led distribution and IHT/investment solutions, with a broader geographic footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/downingventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments157 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Downing Ventures