The Bank of Scotland (BoS) has made a big step into the world of entrepreneurs and business angels through a new partnership with Pi Capital.
BoS has bought a 19.9% stake in the investor group and is opening up its pipeline of deals to the group in return for access to its substantial network.
However, Pi will retain its independence and will continue to source deals through its membership of high-powered UK entrepreneurs, business leaders and financiers.
The group’s organisation will also retain its ‘best of breed’ open architecture model in its approach to investments, where members are given the chance to opt-in on deals.
Previously, Pi has co-invested in funds and direct deals led by private equity firms including Alchemy, Englefield Capital, and BC Partners.
However it now has the chance to participate in BoS investments, although it will be under no obligation to do so.
David Giampaolo, chief executive of Pi Capital, said: “I am delighted to welcome Bank of Scotland as a strategic investor in Pi Capital.
“The commitment that this transaction represents speaks volumes for the potential that we both see for working together in the best interests of our clients.
“Pi Capital represents a powerful and demanding membership whose expectations of performance ensure that we constantly strive to add value for them.
“This philosophy is also core to Bank of Scotland and I believe that our partnership will allow us both to enhance the quality of transactions, events, services and networking opportunities we jointly deliver as a result.”
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