Downing is a specialist investment manager with nearly forty years of experience, managing £2.5 billion of assets as at 31 March 2026. We provide investment solutions for institutional investors, financial advisers and private investors, with a focus on delivering long-term value through specialist expertise, disciplined capital allocation and active management.

At Downing, it is more than just investing. We put our expertise, influence and client capital to work where it counts — in areas that demand deep knowledge, long-term commitment and genuine engagement. We are highly selective in where we deploy capital, and our private ownership structure creates a culture of accountability and conviction that runs through everything we do.

We attract and retain career-long specialists in competitive, niche areas of the market. Our integrated platform brings together expert teams across renewable energy, private equity, private credit and specialist public markets — all operating under one roof. This breadth of technical knowledge, combined with strong origination networks, allows us to surface and unlock investment opportunities that others cannot.

We remain actively engaged across the full investment lifecycle, from origination through to operations. Whether developing assets, backing management teams or managing complex portfolios, our hands-on approach enables us to drive change, build value and maintain robust oversight at every stage.

Our strategies are intentionally designed to serve a clear purpose in client portfolios. From tax-efficient solutions and uncorrelated return streams in public markets to resilient, long-duration private market exposures, we focus on sectors where sustained demand and structural tailwinds support dependable outcomes over the long term.
 

Downing has managed estate planning solutions since 2007, with over £1.5 billion1 assets in total across our range of estate planning solutions. 

When it comes to Business Relief (BR) qualifying investments, experience and expertise can make all the difference. Our expert teams strategically manage portfolios to help investors maximise their assets and pass on more to their loved ones. 

Estate planning solutions are not one-size-fits-all. Our multi-solution offering makes it easy to select the option that best aligns with your client’s circumstances and investment time horizon - or combine multiple services for a tailored approach.
 

The Downing Estate Planning Service is a discretionary managed portfolio. We invest in unquoted companies that we expect to qualify for BR and these shares can be left to your beneficiaries with the benefit of Inheritance Tax (IHT) relief (provided they are held for at least two years and at the date of death). 

Launched in 2013, our strategy seeks to minimise risk and preserve capital by investing in businesses that own land and/or buildings, which we have security over, and businesses that benefit from predictable revenue streams.

The Service aims to deliver a steady return of 3%-4.5% every year (after all Downing ongoing fees). Investors can request to sell down their shares at any time, or set up regular withdrawals. Please note this is subject to liquidity.

Past performance is not a reliable indicator of future performance. 

We believe your clients should have a say in where they invest. They can state a preference for how their investment is split between our two strategies: our Asset-Backed strategy, which focuses on asset-backed trading, and our Energy and Infrastructure strategy, which focuses on renewable energy and infrastructure. Alternatively, we can allocate on their behalf, typically 50/50 across both.
 

The Downing Growth Estate Planning Service strategy focuses on UK businesses with the potential to generate returns of 5-7% per year (after Downing ongoing fees). 

Past performance is not a reliable indicator of future performance.

We focus on acquiring asset-backed operating businesses that are supported by tangible assets or income streams, which provide added downside protection. We select resilient sectors that have long term underlying demand drivers (such as healthcare, housing, and education).
 

The Downing AIM Estate Planning Service invests in companies that we expect to qualify for BR. These shares may then be passed on to your client’s beneficiaries with a reduced 20% IHT liability, provided they are held for at least two years and at the date of death. 

Our experienced investment team will spread your client’s capital across 25-40 carefully selected companies that are listed on AIM and FCA recognized investment exchanges. The Fund Managers select companies they believe can deliver consistent returns and are attractively priced.

The team follows a disciplined investment process, focusing on diligent research and careful analysis. They thoroughly evaluate each company to ensure it meets our high standards for long-term value and growth potential. 
 

The Downing Corporate Estate Planning Service enables business owners to utilise surplus capital in a tax-efficient manner.
If your trading business is holding more than 20% cash, then the cash holding may be subject to IHT. Additionally, if the cash balance exceeds 50% of the value of your business, the whole company may be subject to IHT. 

The Service enables your business’ surplus cash to purchase an interest in UK trading partnerships, with the cash being committed into carrying out trades that we believe will qualify for BR, namely making secured loans to asset-backed businesses or businesses with predictable revenue streams. This solution may enable you to reinstate BR immediately in order to achieve IHT relief.

For further information, please contact our sales team.
 

Investment risk – Wealth Guard 
Wealth Guard is our unique cover included across all our retail estate planning solutions, designed to provide extra security to investors. 

Investing comes with risk. We can’t know for sure what the future will bring so it’s important to plan for what may happen. At no extra cost to your client, provided they’re under 90 at the time of death, our Wealth Guard covers a fall in value of up to 20% of your net initial investment when paying out upon exit following death, up to a maximum payout of £150,000. 
 

Life Cover is designed to mitigate the risk of having to pay Inheritance Tax when your client’s investment hasn’t yet qualified for BR. So, if your client passes away within two years of acquiring their shares, the insurance could cover the tax bill.

Life Cover for both 40% and 20% is available as an optional feature alongside our retail estate planning solutions at an additional cost.
 

When a BR qualifying investment is sold, the proceeds will go back into the estate and become exposed to IHT again. 

The Downing Prime - AIM Transfer Service reduces this risk by providing next working day investment once cleared funds and a completed application are received.  

Please note, it is important that, once the AIM shares are sold, the proceeds are remitted to Downing as soon as possible because they will not qualify for BR until the new unquoted shares are issued.

Our Prime Transfer service can be combined with Life Cover to solve the BR gap when moving from AIM BR to unquoted BR. Our 20% Life Cover bridges the two-year holding period to offer immediate protection against a potential IHT exposure while the investment requalifies for full BR.
 

The MGTS Downing Fox Funds range consists of four funds of funds. Each portfolio differs depending on how much equity, or ‘growth’, exposure they have, enabling you to recommend the option you feel is suitable for your client. The Fox Funds are simple, reliable and user-friendly. They are designed to deliver good returns for your clients over the long term, without the emotional highs and lows along the way.​​​​
 

Everything you need to support your clients is in one place. Our Adviser Hub is your dedicated resource for tools, materials, and guidance, including:

•    Client planning scenarios - Real-life scenarios showing how Business Relief can help reduce a client's Inheritance Tax liability across a range of situations.

•    Inheritance Tax Calculator - Provides instant clarity on a client's potential Inheritance Tax liability and how planning could reduce their estate's future tax exposure. Built for speed and simplicity, it offers a quick and intuitive way to explore multiple scenarios and support more informed client conversations.
 

We have a dedicated nationwide Business Development team who are here to support you. If you would like to discuss any of our products, please contact us on 020 7630 3319 or at [email protected].
 

This page is intended for investment professionals only. The recipient of this communication must not, without the prior written consent of Downing LLP, forward this communication to any retail investor unless they have identified themselves as the issuer of the communication and taken responsibility for compliance with the Financial Promotion rules.

We always recommend that you seek specialist independent tax and financial advice before investing. Downing does not offer tax or investment advice.
 

Tax reliefs are subject to change and only apply if you hold your shares for a minimum of two years and at death. There is no guarantee that the companies we invest in will remain Business Relief qualifying.
 

The value of any investment can fall as well as rise and investors may not get back the full amount they put in. 
 

Past performance is not a reliable indicator of future results. 
 

Shares in unquoted companies not listed on a stock exchange and AIM-listed shares may take longer to sell than shares of companies listed on the London Stock Exchange.

_{Downing is a trading name of Downing LLP. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 545025). Registered in England and Wales (No. OC341575). Registered Office: 10 Lower Thames Street, London, EC3R 6AF.}