The growth capital investor last year completed a £15 million investment in Cruden, one of Scotland’s most established and ambitious housebuilders.

Drawing on BGF’s Talent Network, John Cassie, former regional chair of Persimmon plc, joined the Cruden board as non-executive chair.

BGF’s funding will, it says, accelerate Cruden’s development programme, bringing forward major sites from its extensive landbank and unlocking new projects that will deliver much-needed housing and support hundreds of jobs across Scottish supply chains.

Other successes for BGF last year included BGF’s exit from catering company Entier,, delivering a 2.6x money multiple (MM) return, and from Optima Partners, securing a 4.6x MM return.

As part of the Optima transaction, BGF reinvested in the business and will continue to support the management team as a minority investor.

BGF also continued to support its portfolio companies throughout 2025, by helping with the appointment of key talent, facilitating M&A activity, enabling the development of new technologies, as well as providing growth funding.

The team is now working on several pipeline deals to build on its pledge of £200 million to Scottish businesses over the next five years, as part of its £3 billion UK-wide commitment to support high-potential companies over the next five years.

Supporting female entrepreneurs was also a key focus throughout the year, with BGF joining the Pathways Forward initiative – launched by Ana Stewart, the Scottish Government’s chief entrepreneur – to champion female entrepreneurship.

Building on the team’s momentum and plans for 2026 and beyond, Rory McPherson joined the Edinburgh office as an investor, bringing with him a wealth of experience and knowledge in Scotland’s M&A landscape.

Mr McPherson was formerly a deal advisory partner with BDO, where he led the firm’s M&A business in Scotland for more than seven years.

Richard Pugh, investor at BGF, said: “The team has continued to deliver positive results against a difficult operating background for private equity this year, and I want to thank all the management teams we work with for their hard-work, optimism and resilience.

“We’ve continued to support our portfolio of Scottish businesses, working with ambitious management teams who find new opportunities to grow their businesses.

“Our strategic investment of £15 million in Cruden comes at a time of urgent need for more homes in the central belt, supporting the company’s healthy development pipeline and its ongoing management transition.

“The three investments we exited spanned three- to eight-year hold periods, showing the benefit of our ability to invest for the long-term.

“There’s a lot to be excited about as we move forward into 2026 and we will continue to apply our patient capital approach as we identify, back and advise exceptional Scottish businesses to reach their growth potential.”