The British Enterprise Financial institution has dedicated an extra £15m of funding for UK SMEs to a individually managed account (SMA) run by Prefequity.
The brand new co-investment car will enable non-public credit score agency Prefequity to make bigger investments in established, worthwhile companies.
It’s going to goal corporations with out current backing from non-public fairness teams which are searching for development capital to gas acquisitions, administration buy-outs and capital funding programmes.
“We’re delighted our second fund is off to a powerful begin and immensely grateful to the British Enterprise Financial institution and our different buyers for backing Fund II and the SMA,” stated Prefequity managing associate Theo Dickens.
“We sit up for attracting extra LPs in additional closings with our funding philosophy that mixes draw back safety from senior secured loans with the chance to associate with high-quality administration groups via our fairness participation.”
The British Enterprise Financial institution has beforehand dedicated £30m to the Prefequity Credit score Alternatives II LP fund, which has a goal closing shut of £150m.
“Following the success of its earlier fund, we’re happy to proceed our assist for Prefequity,” stated Adam Kelly, managing director and co-head of funds at British Enterprise Financial institution.
“This new co-investment car will unlock development for companies within the UK’s nations and areas, offering them with the versatile debt options they should succeed and attain their full potential.”
Learn extra: British Enterprise Financial institution handed £6.6bn of development capital
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