New Fund Manager for Finance Yorkshire Equity Fund
Finance Yorkshire's £48m Equity Fund will now be managed by investment management group Braveheart Investment Group plc (‘Braveheart’).
Braveheart has bought Neon Capital Partners Limited, the firm which managed the Equity Fund, for £380,000, aiming to boost its Yorkshire operation.
James Newman, Chairman of Finance Yorkshire, said: “We are extremely supportive of the sale to Braveheart and look forward to working with them to continue to offer and develop equity investment opportunities throughout Yorkshire and the Humber.”
James added: :”Both the Seedcorn Fund and the Business Loans Fund will be unaffected by the deal and will continue operating to a high standard.”
Andrew Burton, who will be responsible for the team said: ‘The equity team will be looking for Yorkshire-based businesses that are larger-sized and more established although it will also invest in some start-ups. There will be a mix across the board, companies that have management with track records and companies with growth potential.”
The Equity Fund makes equity-based investments, including mezzanine finance from £100,000 to £2m and supports a range of activities including growth, capital expenditure and some larger start-up ventures.
The Fund, which is promoted under the single brand of Finance Yorkshire, provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire