Downing Ventures invests in early-stage startups in areas like renewable energy, infrastructure and healthcare.
Early stage
Downing is a responsible investment management firm founded in London in 1986, with over £2.1 billion in assets under management and about 260 staff across five European offices as of 2024. They focus on delivering attractive returns for investors by investing in businesses and assets that generate positive environmental and social impact, integrating ESG criteria at the core of their investment approach. Downing is also certified as a B Corporation, reflecting their commitment to social and environmental performance alongside profitability.
Mission: To be a leader in their chosen markets by delivering attractive financial returns for investors through investments in assets and businesses that contribute to a better, more sustainable future. They aim to make investment rewarding by being profitable for investors, helping businesses grow, and ultimately generating positive societal impact
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Downing LLP was founded in London in 1986 by Nick Lewis, who remains a key figure as the founding partner and chairman. Prior to founding Downing, Nick Lewis worked with NatWest Ventures Limited and Apax Partners and Co. Limited. Nick Lewis graduated from Cambridge and then went on to complete an MSc at London Business School. Since its establishment, Downing has evolved as a responsible investment manager focused on creating attractive returns for investors through investments in assets and businesses contributing to a better future. The firm combines a pioneering spirit with a commitment to responsible investing, emphasising sectors that matter such as healthcare, clean energy, and housing.
Downing LLP’s investment focus centers on key private market sectors that combine financial returns with positive social and environmental impact. Their primary areas include renewable energy and infrastructure, where they invest in diversified assets such as hydro and solar projects to support a greener future. They also focus on private equity, particularly in healthcare and education, partnering with management teams to scale businesses that improve care and learning services. Additionally, Downing provides structured finance solutions in property finance, supporting residential-led development schemes and some specialist property subsectors like student accommodation. Their wholesale finance division offers facilities to other lenders in SME and bridging finance sectors. Across all investments, Downing emphasises responsible investing by actively incorporating Environmental, Social, and Governance (ESG) factors to create value for investors and society alike. This approach reflects the firm’s broader commitment to sustainable and impactful investment opportunities.
Downing LLP is an established investment management firm headquartered in London, with a geographic scope that spans across the UK and Northern Europe. The firm manages a diverse range of assets, including investments in renewable energy, infrastructure, property, and healthcare sectors. Notably, Downing Renewables & Infrastructure Trust invests in a diversified portfolio of hydro, solar, and other infrastructure assets located across the UK and Northern Europe, reflecting the firm’s strategic emphasis on both these regions. Downing's offices and operations extend through five European locations, supporting their broad geographic reach. This regional focus enables Downing to provide investment opportunities with both financial returns and positive environmental and social impact within these areas.
Downing LLP’s investment criteria focus on responsible investing by integrating Environmental, Social, and Governance (ESG) factors throughout their investment process. They seek profitable opportunities that also generate positive social and environmental impact, emphasising sectors like renewable energy, infrastructure, healthcare, education, and property. Pre-investment due diligence includes a proprietary ESG scorecard to assess sustainability risks and engagement potential. They avoid investments that cause irreparable environmental or social harm unless actively managed for positive change. Downing aims for long-term sustainable growth by balancing risk, return, and societal benefits, aligning with global initiatives like the Paris Agreement and maintaining active ownership to enhance value and ESG performance.
Downing assesses investment opportunities through a disciplined process that integrates financial performance with environmental, social, and governance (ESG) considerations. Each opportunity undergoes thorough due diligence, including an evaluation of management quality, competitive positioning, valuation, growth prospects, profitability, and cash flow. As part of its responsible investment approach, Downing applies a proprietary ESG scorecard to identify sustainability risks and potential impacts. Investments flagged for material ESG or climate concerns are subject to enhanced analysis, often incorporating external benchmarks and specialist inputs. For AIM-listed investments, Downing targets smaller companies that qualify for Business Relief, typically maintaining long-term, diversified portfolios. All investment proposals are reviewed and approved by an Investment Committee, helping to ensure alignment with Downing’s standards for both financial return and responsible stewardship.
Downing LLP funds businesses and assets across sectors such as renewable energy, infrastructure, property, and healthcare. They provide secured property development loans ranging from £1 million to £30 million, typically over terms of up to three years, to experienced UK developers with strong asset backing. Downing Ventures invests between £250,000 and £5 million in UK technology startups through Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EIS), supporting companies from early stage through to growth. The firm also offers structured wholesale finance between £3 million and £20 million to specialist lenders, such as bridging and property finance providers. Additionally, Downing offers multi-asset funds and estate planning services for investors seeking long-term, responsible investments with a focus on social and environmental impact.
Downing offers a diverse range of investments, including established UK small and mid-cap companies, private credit, and infrastructure. Notable funds include the VT Downing Small & Mid-Cap Income Fund, the renewable-focused Downing Renewables & Infrastructure Trust (DORE), and the multi-asset MGTS Downing Fox Funds for advisers. The firm emphasises ESG principles, long-term value, and stable returns across various sectors and economic cycles.
Downing LLP integrates ESG principles across its investments to align returns with positive environmental and social impact. Its Downing Renewables & Infrastructure Trust (DORE) supports the net-zero transition through renewable energy projects in the UK and Northern Europe and holds the London Stock Exchange’s Green Economy Mark. Certified as a B Corporation in 2022 with a score of 80.4, Downing demonstrates strong governance and sustainability performance. The firm also engages in community and environmental initiatives as part of its long-term responsible investment strategy.
Downing LLP builds community value by supporting local areas around their investments, especially renewable energy projects. They fund local facilities, offer free domestic solar installations, and contribute financially to community projects. Hiring local experts for asset operations creates skilled jobs and economic growth. Their initiatives promote sustainability, health, education, and biodiversity, aligning with UN Sustainable Development Goals. This community focus also helps business development by fostering strong local relationships and positive environmental and social impacts alongside financial returns.
The team at Downing LLP comprises experienced leaders across investment, sales, risk, compliance, and operations, united by a shared commitment to responsible and rewarding investment. Key figures include Tony McGing, Partner and CEO; Judith MacKenzie, Partner and Head of Downing Fund Managers; and Kostas Manolis, Deputy CEO and Head of Private Market Investments. The Investment Team features partners like Chris Allner (Chairman of Investment Committee), Parik Chandra (Head of Private Credit), and Mark Gross (Head of Private Equity). The Liquid Alternatives division is led by Tony Stenning (Head) with Paul Adams and Russell Catley in sales roles. Other critical roles include Anne Sanders, CFO; Danielle Jones, Head of Risk and Compliance; and Shruti Patel, Head of People. The team reflects expertise in product development, strategic partnerships, sustainability, and infrastructure asset management, working across multiple sectors to deliver innovative investment solutions and foster long-term value creation for investors.
Learn more about the team on the Downing team page.
1. What is Downing Ventures and when was it founded?
Downing Ventures is part of Downing LLP, a responsible investment management firm founded in London in 1986. The firm focuses on investments that generate both financial returns and positive environmental and social impact.
2. Which sectors does Downing Ventures focus on?
Downing invests in a range of sectors including renewable energy, infrastructure, healthcare, education, residential property, and operating real estate. The firm prioritises areas that offer both financial returns and contribute to societal improvement, such as clean energy and elderly care.
3. What is the investment approach at Downing Ventures?
Downing integrates Environmental, Social, and Governance (ESG) criteria throughout its investment process. The firm employs rigorous due diligence, a proprietary ESG scorecard, and active stewardship to ensure investments are responsible, sustainable, and value-creating for both investors and society.
4. Where does Downing Ventures operate geographically?
Downing LLP is headquartered in London and operates across the UK and Northern Europe. Their investment scope includes renewable energy and infrastructure assets in both regions, supported by five European offices.
5. What distinguishes Downing Ventures from other investment firms?
Downing is a certified B Corporation, recognized for its commitment to high environmental and social standards. The firm integrates ESG at the core of its strategy, focuses on sectors that matter for societal progress, and offers estate planning solutions that provide both financial and societal benefits.
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