Two Major Contracts22 Feb 2017 07:40
Mercia (AIM: MERC), the national investment group focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that it has been successful in its bids, via its wholly-owned subsidiary Enterprise Ventures Limited, to manage two of the British Business Bank's ("BBB") new Northern Powerhouse Investment Funds ("NPIF").
Following a highly competitive procurement process managed by the BBB, the Group has secured £108.5million across two mandates; a £57.5million equity fund and a £51.0million debt fund.
The funds will be deployed via Mercia's North of England offices, which will be focused primarily on investing in SMEs in Yorkshire, the Humber and Tees Valley regions, where the Group already has a successful track record of supporting start-up and later stage companies that have high growth potential.
These new fund mandate wins represent further strategic progress for Mercia. As a result of the two awards, Mercia has increased its third party funds under management by nearly 50% to over £336.5million, which over time will further increase the pipeline of potential direct investment opportunities for the Group.