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Regional Investment Fund for NW England, NE Wales and South Yorkshire

Published: 12/04/2016

The Foresight Group has reported the first close of the £60 million Foresight Regional Investment Fund. This regional fund will focus on investment in SMEs in the North West of England, North East Wales and South Yorkshire.

  • Fund achieved first close of £38 million
  • Fund to target investments of up to £5 million into profitable growth companies
  • Fund to invest in growth equity and buyout transactions

The fund, which reflects collaboration between Local Government Pension Schemes ("LGPS”), has attracted substantial commitments from new Limited Partners, with an anchor investment from Greater Manchester Pension Fund, along with South Yorkshire Pensions Authority and Clwyd Pension Fund.

This fund will be used to invest up to £5 million in UK growth SMEs, targeting established, profitable businesses with strong management teams across a broad variety of sectors. The Fund is targeting companies based in the North West of England, North East Wales and South Yorkshire. The Fund has a flexible investment mandate in terms of deal type, investing in MBOs, MBIs, Equity Release and Growth Capital transactions.

Foresight planned announce the opening of its regional office in Manchester during Q1 2016 and the process for recruiting local investment professionals to supplement Foresight’s existing eleven strong Private Equity team is well underway as part of the Fund’s deployment strategy.

The Fund is Foresight Private Equity’s second institutionally backed, commercially focused regional fund, following the launch in October 2013 of the Foresight Nottingham Fund, a £40 million fund to invest in businesses in Nottinghamshire. Foresight will continue to raise similar regional funds around the UK. 

Russell Healey, Partner, Head of Private Equity, Foresight Group commented:

"We are delighted to have attracted a number of new institutional investors to Foresight, reflecting the quality of our team and our track record of successful investment into high growth UK SMEs. This Fund continues the rollout of Foresight’s Regional Fund strategy to address the current structural gap in the SME funding market."

 

James Livingston, Partner, Foresight Group, commented: 

"The Region has a large number of underfunded SMEs, particularly within the engineering and hi-tech manufacturing sectors, creating opportunities for Foresight to support strong management teams in growth companies, create jobs, and deliver commercial returns to investors. We are excited to be opening a regional office in the Manchester area and are looking forward to working with local advisers to identify and execute further high quality investments in the SME market.”

 

Mark Burrows, Head of Institutional Capital, Foresight Group, commented:

"It’s great to see LGPS’ collaborating in this way which shows a desire to invest regionally, whilst generating appropriate returns.”

 

The fundraise follows an active period for Foresight Private Equity in which it has successfully completed nine investments and nine realisations since January 2015.

Foresight is a leading, independent infrastructure and private equity investment manager owned by its partners, who have combined investment experience across a wide variety of sectors. Foresight's three investment teams operate on a collaborative basis with a pro-active and pragmatic investment style.

With current assets under management of £1.8 billion, raised from UK and international private and high net-worth individuals, family offices, pension funds and other institutional investors, Foresight strives to generate increasing dividends and capital appreciation for our investors over the long term.

Foresight's head office is at The Shard, 32 London Bridge Street, London, SE1 9SG. It has offices in San Francisco and Rome which are staffed by multinational, multilingual investment professionals, who are principally focused on investing in solar infrastructure, but also related environmental sectors such as biomass to energy.

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