Why local still wins: BGF’s Alistair Brew on investing in the Thames Valley

After 5 years shaping the Business Growth Fund (BGF) proposition in a nationwide operational role, Alistair Brew is back where he feels he has always made the biggest difference: working directly with founders driving business and regional growth. As Regional Partner leading the Reading office and the South East region, he is now focused on helping management teams across the Thames Valley grow their businesses in a dynamic economic environment. 

Following roles at PwC, Close Brothers and Octopus, Alistair has been part of BGF’s journey since its launch in 2011, part of the original team that turned the growth investor into a major provider of minority capital to UK scale-ups. That journey is reflected in the size and breadth of BGF’s national footprint today, spanning a portfolio of hundreds of businesses supported through long-term investment and hands-on backing.

From building to backing

Throughout his BGF career, Alistair has played a key role shaping how the firm supports its portfolio beyond capital, from operational value creation to BGF’s own ESG credentials and helping to establish the BGF Foundation. That broader experience now feeds directly into how he works with businesses at the point of investment.

“I’ve always enjoyed supporting businesses through key inflection points,” he says. “What’s changed is the scope of support we can now offer. Investing is not just about capital, but helping businesses scale in a structured, sustainable way.”

That proposition sits at the heart of BGF’s model: providing flexible, minority investment while allowing founders to retain control, supported by strategic input, governance expertise and access to experienced non-executive talent.

Making space for minority capital

As the market has matured, so too has the role of investment. Where external finance was once often associated with exit or relatively hands off development capital, Alistair believes it has evolved to become a key part of proactive founder planning.

“More founders are thinking about investment earlier,” he explains. “It’s about de-risking, creating options and bringing in expertise to support the next stage of growth, rather than reacting to pressure or short-term objectives.”

That evolution is reflected across the wider Thames Valley economy, which has developed a reputation as one of the UK’s leading regional hubs for technology, life sciences and high-growth SMEs. According to the Thames Valley Chamber of Commerce, the region is forecast to be one of the fastest-growing regional economies in the UK outside London between 2025 and 2028, while recent Cities Outlook data highlights Reading, Slough and Swindon among the country’s strongest performers for productivity and jobs growth. 

This broader ecosystem is creating a steady pipeline of ambitious businesses seeking flexible growth capital, with investors playing a more strategic role in helping them scale sustainably.

Succession as a growth lever

A similar change is taking place in how succession is approached. Rather than being treated as an endpoint, it is increasingly an opportunity to reset and accelerate.

“Succession planning isn’t the end of the story,” says Alistair. “Done well, it can serve as a catalyst for growth.

“This might involve new leadership, an evolving business structure or creating the conditions for a second phase of value creation, often alongside an investor like BGF that can support that transition over the long term.”

Being local still matters

Despite wider changes in capital deployment trends, one constant remains: the value of boots on the ground. For Alistair, leading the Reading office is fundamentally about being embedded in the Thames Valley business community, building relationships and spotting opportunities early.

“It’s important to be physically in the region,” he says. “We’re one of the few investors with a dedicated presence in Reading, which makes a huge difference in terms of visibility and understanding of the local ecosystem.”

That proximity has supported a strong run of deal activity, including recent investments in companies such as mid-market SaaS platform Workbooks and Oxfordshire-based technology services provider PMC. Last year, alongside the successful exits of OSL and Polar, the region also delivered BGF’s largest-ever return, via the exit of Oxford-based OrganOx at a $1.5bn valuation, demonstrating the long-term value that can be built through this local model.

A return with purpose

The Thames Valley region accounts for a significant share of BGF’s recent deal activity. For Alistair and the team in Reading, the focus is on maintaining momentum and continuing to back the region’s next wave of growth businesses. For Alistair, that means staying close to founders and the Thames Valley business ecosystem.

“After working across the wider platform, it’s great to be back closer to the deals and the businesses themselves,” he says. “That’s where you see the impact first hand.”

As BGF continues to invest across the UK, the Thames Valley is poised to remain a key part of that story, driven by the strength of its innovation ecosystem and the increasing role investors play in supporting long-term, sustainable growth.

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