Investing with Purpose: global capital investment plan

Plan articulating the important role private capital investment can play in driving an investment-led recovery. The plan focuses on sectors where Scotland can demonstrate a real international comparative advantage, and marks a pivot in our approach towards targeting ESG investment.


1.  EY (2020) How will ESG performance shape your future? Why investors are making ESG an imperative for COVID-19 and beyond. Climate Change and Sustainability Services (CCaSS): Fifth global institutional investor survey ey-global-institutional-investor-survey-2020.pdf.

2. Quarterly National Accounts Scotland

3.  Oxford Economics (2017) The Contribution to the UK Economy of Firms using Venture Capital and Business Angel Finance. April 2017 PowerPoint Presentation (

4.  Krugman, P. The Age of Diminished Expectations. 1990.

5. Richmond, K and Turnbull, J. Scotland's Productivity Performance: latest data and insights. Fraser of Allander Economic Commentary Vol. 39, No. 2, 11.2015, p. 77-90

6.  Scottish Government (2020) Securing a green recovery on a path to Net Zero: climate change plan 2018–2032 - update - ( Published 16 December 2020.

7.  All estimates in this section are produced using the Scottish Government's Global Econometric Model (SGGEM). More details are available in the analytical methodology note.

8.  Mazzucato, M. (2018) Mission-oriented innovation policies: challenges and opportunities, Industrial and Corporate Change, Volume 27, Issue 5, October 2018, Pages 803–815.

9.  ibid

10.  Pitchbook data.

11.  Source: Scottish Enterprise Risk Capital Market Report 2019 (Unpublished). Note these figures are based on equity investment only, excluding private debt investment.

12.  Scale Up Institute

13.  IBID

14.  Logan, M. (2020) Scottish Technology Ecosystem: Review

15. The Investment Association (2020) Investment Management in the UK, 2019-2020. The Investment Association Annual Survey, September 2020 20200924-imsfullreport.pdf (

16.  Developing new statistics of infrastructure - Office for National Statistics ( Covers investment in private economic infrastructure only (excludes public spending on schools, hospitals, etc). ONS exclude oil and gas investments from figures.

17. Climate Change Committee (2020) Sixth Carbon Budget - Climate Change Committee ( Estimates are in real 2019 £s, under the Balanced Pathway scenario.

18. National Infrastructure Commission (2018) National Infrastructure Assessment. July 2018, National Infrastructure Assessment (

19. CBRE (2020)

20. Co-Star Report, 2020

21. The Scottish Government (2016) A manufacturing future for Scotland

22. Scottish Enterprise (2019) Mid-Sized Businesses in Scotland 2018-2019

23. The Scottish Government (2020) SME Access To Finance Survey: 2019 - (

24. BVA-BDRC (2020) SME Finance Monitor 2020 Q3

25. Vivid Economics (2020) Keeping us competitive: An investment strategy for Net Zero, February 2020, Vivid Economics Report prepared for WWF UK Keepingus_competitive.pdf (

26. Pitchbook data covers mostly business investment transactions, as well as partial coverage of some infrastructure and real estate deals.

27. IBID

28. Pitchbook data. "Growth capital" definition in the data is based on private equity and venture capital deals. I.e. excluding mergers, acquisitions, IPOs.

29. Investopedia (2020) Angel Investor Definition (

30. British Business Bank (2018) The UK Business Angels market report (

31. Angel Resource Institute (2016) Angel Returns Study.

32. British Business Bank (2018) The UK Business Angels market report (

33. BVCA (2019) Report on investment activity

34. Kumar, B. (2018) Structural differences in EU vs UK vs US - Challenge Advisory

35. Investopedia (2020) Private Equity vs. Venture Capital: Understanding the Difference (

36. Office for National Statistics (2019) Pension wealth in Great Britain - Office for National Statistics (

37. The Investment Association (2020) Investment Management in the UK, 2019-2020. The Investment Association Annual Survey, September 2020 20200924-imsfullreport.pdf (

38. EY (2020) How will ESG performance shape your future? ey-global-institutional-investor-survey-2020.pdf

39. The chart uses data from Pitchbook on the number and size of deals in Scotland and Europe. This data covers all types of enterprise capital flows, from venture capital and private equity deals to M&A and IPOs. For more information on the data and methodology behind the chart please see the Technical Methodology note published alongside this plan.

40. ScaleUp Institute (2020)

41.  BNP Paribas (2018) Sustainable investment: the future of real estate | BNP Paribas Real Estate

42.  JLL (2020) Why investors are shifting focus to life sciences real estate

43. The Taskforce on Climate-related Financial Disclosures (TCFD) is an international body that was tasked by the Financial Stability Board to recommend a set of common disclosure standards for the financial sector and major NFCs. The recommendations were published in 2017, and focused on governance, strategy, risk management, and metrics and targets.



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