Maven Capital Partners is to allocate £57.5m to growing SMEs across the North of England after inking a deal with the Northern Powerhouse Investment Fund (NPIF).
The private equity house was appointed by NPIF to manage the £57.5m NPIF Maven Equity Finance fund. This forms part of the £400m of capital NPIF is making available to support growing SMEs.
The funding will be provided to high-potential businesses located primarily in Lancashire, Greater Manchester, Liverpool, Cumbria and Cheshire, but also Yorkshire & Humber and Tees Valley.
Maven Capital Partners will give investment of between £50,000 and £2m to each selected SME.
Ryan Bevington, fund manager for NPIF Maven Equity Finance, said: “The North has historically been a breeding ground for high-potential small businesses, rapidly rising to dominance as the home of some of the UK’s most innovative tech firms. The tech sector is one of many in the region where our team see exceptional potential, but there is a clear need for this type of funding to help such high-growth Northern SMEs to flourish.”
Announced by the government in 2015, NPIF is a partnership between the British Business Bank, a number of Northern Local Enterprise Partnerships, the European Investment Bank and the European Regional Development Fund.