Foresight Group has launched a £60m investment fund focusing on small- and medium-sized enterprises (SMEs) in the North West, South Yorkshire and north east Wales.
The group has announced the first close of the Foresight Regional Investment Fund, with capital commitments of £38m.
The fund will invest up to £5m of equity in UK growth SMEs, targeting established, profitable businesses with strong management teams across a broad variety of sectors. It has a flexible investment mandate in terms of deal type, investing in management buyouts, management buy-ins, equity release and growth capital transactions.
Foresight also plans to open a regional office in Manchester during the first quarter of 2016. It reported that the process for recruiting local investment professionals to supplement Foresight’s existing 11-strong private equity team is well underway.