Home Personal Finance £20m boost for North East investment fund

£20m boost for North East investment fund

£20m boost for North East investment fund

Matt Smith, Partner at Foresight Group <i>(Image: press release)</i>” src=”https://s.yimg.com/ny/api/res/1.2/cjc2gz_JkY8GuONaGdkq8g–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/the_northern_echo_uk_642/d3ade67835a1482″=cd5ff7″: https://media.zenfs.com/en/the_northern_echo_uk_642/d3ade67835a143cd87b3e8275></p> <p>Matt Smith, Partner at Foresight Group (Image: Press Release)</p> <p>A North East business investment fund has received a £20 million boost from a British Business Bank subsidiary.</p> <p>Foresight Group, a regional private equity and infrastructure investment manager, has announced its new investment in the Foresight North East Fund of British Business Investments, a wholly owned commercial subsidiary of British Business Bank.</p> <p>The Foresight North East Fund was launched in June 2022 following £18m of cornerstone funding from Durham County Council’s Pension Fund, with further support from the Teesside Pension Fund.</p> <p>The fund is the fourth of five funds in Foresight’s regional private equity series and builds on the firm’s track record of working with high-growth, established smaller companies, providing debt and equity financing of up to £5 million and supporting economic and social development around the world. UK.</p> <p>The Fund supports companies in all sectors with headquarters or significant operations in County Durham, East Riding of Yorkshire, North Lincolnshire, North Yorkshire, Northumberland, Tyne and Wear, Teesside and West Yorkshire.</p> <p>The additional funding from British Business Investments will enable further capital deployment in the region, accelerating economic growth and delivering positive social and economic impact and quality local jobs. The fund has already made two investments since the first close in June 2022, and a strong pipeline of further opportunities is being considered.</p> <p>Foresight is one of the most active investors in small and medium-sized businesses, offering flexible financing and working with companies in all industries and at all stages of transactions. In calendar year 2022, the firm invested in 63 UK SMEs, delivered eight successful exits and helped create thousands of jobs across the portfolio to date.</p> <p>Foresight already has a significant regional presence, with offices in Edinburgh, Cambridge, Manchester, Milton Keynes, Leicester, Nottingham, Dublin and Leeds, with an office in Newcastle opening this year.</p> <p>Story continues</p> <p>Matt Smith, Partner at Foresight Group, said: “We are delighted that British Business Investments has again chosen to partner with Foresight, this time through the Foresight North East Fund. We recognize the great impact smaller businesses can have on their local areas and will continue to support outstanding businesses in the region and support management’s growth plans. We remain committed to driving innovation and will continue to work closely with local businesses to achieve this.”</p> <p>Judith Hartley, CEO of British Business Investments, said: “British Business Investments is committed to improving the choice and diversity of financing options for smaller UK businesses looking to grow.</p> <p><strong>read more</strong></p> <p>“By investing in funds such as Foresight’s North East Fund, we are helping smaller companies in the UK access capital and enable rapid growth. Following on from our previous commitment to Foresight’s Scotland Fund, we are delighted to be teaming up once again working with Foresight to support smaller businesses in the North East.”</p> <p>Cllr Richard Bell, Deputy Leader and Cabinet Member for Finance at Durham County Council, added: “We are pleased that the Fund has received additional financial support. This means more of the region’s diverse range of businesses will be supported, creating more jobs and securing further investment.</p> <p>“It will support our commitment to ensure the growth of our businesses and strengthen the Northeast as an attractive location for everyone from small-scale family businesses to international investors.”</p> </div> <footer> <!-- post pagination --> <!-- review --> <div class=

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