TLDR:
- Whiterock introduces a £75M growth capital investment fund in Northern Ireland.
- The fund will focus on investing in companies with clear sales growth potential in various sectors.
Article Summary:
Whiterock, a fund manager based in Northern Ireland, has launched a new £75m equity investment fund to address the need for growth funding in the local market. The Growth Capital Fund will make investments between £1m and £5m for minority shareholdings in companies with clear sales growth potential in sectors such as Digital, ICT & Creative; Fintech & Financial Services; Life & Health Sciences; Agri-Tech; and Advanced Manufacturing & Engineering. The fund is backed by the British Business Bank, which will invest 60% of the fund (£45m) through its Enterprise Capital Funds program, with the remaining 40% (£30m) coming from private investors.
The fund will be managed by a local senior management team with a proven track record of deploying funds in the market. The goal of the fund is to bridge the equity gap in Northern Ireland and support local businesses in achieving their growth ambitions. The fund will be deployed over a five-year period, investing in 15-20 companies during that time.
Overall, the Growth Capital Fund is the largest locally managed equity fund for NI companies and aims to provide strategic support to companies with high growth potential.
