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YFM Equity to quit as NWFDC fund manager to focus on bigger tickets

19 Oct 2012

YFM Equity Partners plans to quit managing a fund helping UK small businesses in order to focus on bigger-ticket deals, it announced this afternoon.

The firm said it will continue managing the North West Fund for Development Capital, which invests between £100k and £2m in growing businesses in the region, until a new fund manager can be appointed.

NWFDC is a sub-fund of the North West Fund, which is jointly financed by the European Regional Development Fund and the European Investment Bank.

YFM managing director David Hall, pictured, said the firm had made the move to bring its North West business in line with its managing strategy across the rest of the UK.

He said, “This will mean that all our regional teams will now focus on investments of up to £10m from our awarding winning British Smaller Companies Venture Capital Trust Funds, as well as from our buyout and growth capital institutional funds.”

YFM announced in January it was looking to raise a new £100m fund – more than double the target size of its predecessor – which would aim to invest between $1m and $10m per deal.

Paul Cannings, a managing director at the firm, told AltAssets at the time, “We don’t want to move out of the small end of the market, but we are seeing an increased demand for larger sums of investment, so £100m should be enough to invest between £1m and £10m at a time into relatively small businesses.”

YFM last invested using NWFDC in July when it injected £1m of mezzanine finance into UK Finance Online Limited, which handles claims from the mis-selling of Payment Protection Insurance policies.

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