Changes in last year’s UK budget have helped trigger record inflows for Triple Point as investors sought alternative places to put their wealth, according to the asset manager’s managing director for private credit.
The budget in October 2024 saw material changes to business relief rules, including a £1m cap on 100 per cent business relief for private businesses and a reduction in tax relief for AIM-listed companies.
At present, 100 per cent of the value of an AIM portfolio is exempt from inheritance tax under business property relief rules. Under new rules from April 2026, the portfolio is liable for tax, but at 20 per cent rather than 40 per cent.
“Since the Budget, we’ve seen record inflows,” said Toby Furnivall.
“With AIM now less advantageous, our focus on private, unquoted companies, positions us strongly to raise more capital than ever before and deploy more capital than ever before, delivering value to investors and borrowers alike,” he added.
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The past year has reinforced private credit’s growing role in the UK financial system.
With traditional bank lending to SMEs down 15 per cent year-on-year, according to the British Business Bank’s Small Business Finance Report 2024, private credit has stepped in to bridge the gap.
“It’s doing far more than just filling a short-term need. It’s actively winning market share from traditional lenders, reflecting a structural shift in how businesses and institutions access funding,” said Furnivall.
“Today, capital is coming from a far more diverse set of providers than we saw even two or three years ago.”
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The opportunities in private credit are “vast”, Furnivall said, though he pointed out the sector also presents challenges that investors must carefully navigate.
“The relatively light regulatory environment means the market is home to both responsible, well-managed lenders and less scrupulous operators,” he said.
“Due diligence is crucial when selecting private credit investments to ensure capital is placed with trustworthy providers who adhere to best practices and can demonstrate a clear track record of delivering target returns over a long period of time.”
Triple Point was founded in 2004 and today manages around £2.9bn of assets across four distinct private markets strategies: housing, energy transition, private credit and venture.
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