Has the QUANTEXA scandal shown that KEMI's British Patient Capital Ltd is in major and deliberate breach of its core objectives? [updated]

KEMI's statement that "BPC has undertaken its usual due diligence in respect of [the investment of US$50.4m in a Luxembourg fund that falsely claims to be regulated by the Bank of Engalnd and FCA] in line with its investment processes." has rather let the cat out of the bag.

BPC states that:

"The mission of British Patient Capital is to enable long-term investment in innovative UK companies led by ambitious entrepreneurs who want to build successful, world-class businesses." https://www.britishpatientcapital.co.uk/about/our-mission

BUT

BPC's objects are defined by statute in its incorporation documents:

That doesn't seem to envisage or provide for investment in non-UK funds making investments in the USA and Europe, let alone ones that pretend to be regulated by The Bank of England, as set out in BPC's own propaganda. https://www.britishpatientcapital.co.uk/about/our-portfolio

BPC has a long history of investing money with Fund Managers and then co-investing in UK businesses, and in the case of QUANTEXA you just have to look at Dawn Capital and see that BPC's investment is into a UK incorporated and situs Limited Liability Partnership. 

https://www.britishpatientcapital.co.uk/news-insights/news/british-patient-capital-commits-48-8m-to-dawn-capitals-new-opportunities-fund-to-fund-later-stage-high-growth-businesses

BUT investing in secretive offshore managers (Evolution's website doesn't provide any corporate identities whatseoever contrary to all laws and regulations) is, at best, "Fishy". Just look at Evolution's portfolios - where are they sited? Predominately US and Israel.

It would seem that BPC's "usual due diligence" is best described as incompetent and incomplete if it can't identify outright fraudulent statements about a fund manager's regulators, and then ignores the facts even when it knows them and chucks more (yes second time round) money into their pockets. 

Remind me..... just where are Rishi's substantial private equity fund investments sited and managed (and by whom)? I do hope there are no conflicts of interest.

.............................

UPDATE

Do look at BPC's accounts to see the discrepancies in the details of the "we promote UK companies" and what the various Fund managers say:

https://www.britishpatientcapital.co.uk/about/annual-reports-and-accounts

and in particular Note 10 to the March 2023 accounts

Venture Growth and Venture 

Through the Venture and Venture Growth programmes, the Company invests in commercially viable venture and venture growth capital funds, including evergreen structures, to support UK companies with high growth potential to access the long-term financing they need to scale up. These investments are accounted for and measured at FVTPL under IFRS 9. 

Co-investment 

Through the Co-Investment programme, BPC invests in late-stage UK scale up companies. Currently it co-invests alongside BPC fund General Partners into their existing portfolio companies. This allows BPC to increase its exposure to the best portfolio companies in its best funds. These investments are accounted for and measured at FVTPL under IFRS 9. 

Future Fund: Breakthrough (FF:B) 

Through the Future Fund Breakthrough programme BPC directly invests alongside private sector investors in growth stage R&D intensive UK companies operating in breakthrough technology sectors. These investments are accounted for and measured at FVTPL under IFRS 9. 

Life Sciences Investment Programme (LSIP) 

Through the LSIP programme BPC invests in commercially viable later stage life sciences venture growth funds, to support UK companies with high growth potential to access the long-term finance they need to scale up. These investments are accounted for and measured at FVTPL under IFRS 9.