BlackRock, the world's biggest asset manager, is backing a fund launched by a much smaller peer targeting acquisitions in the UK's private healthcare sector — an area in which it is advised by former Chancellor George Osborne.

The company has made a £95m loan, through its European middle-market private debt business, that is to be specifically aimed at consolidating the fragmented industry. It will be used to finance acquisitions by Active Assistance, a care provider owned by specialist healthcare fund manager Montreux Capital.