New funds in Northern Ireland and Wales launched to drive local economic growth

International law firm Osborne Clarke has advised Foresight Group (“Foresight”), a leading listed regional private equity and infrastructure investment manager, on the launch of two regional funds: a fund dedicated to investment in Northern Ireland (“Northern Ireland Fund”) and a £50m equity fund for the Investment Fund for Wales (“IFW”).

Osborne Clarke’s team was led by Partner and UK Head of Financial Institutions Group, Helen Parsonage and included Senior Associate Lizette Hunter and Associates Nick Kristensen and Eric Edwin. Partner Erika Jupe advised on tax matters.

Foresight is one of the UK’s most active investors in SMEs, providing flexible funding and partnering with companies across all sectors and deal stages. With both funds, the company will replicate the successful strategy it has deployed across the UK and Ireland to drive sustainable growth by supporting innovation and creating local opportunity for new and growing businesses across the respective regions.

The Northern Ireland Fund was launched with the support of British Business Investments, a wholly owned commercial subsidiary of the British Business Bank. Targeting small debt and equity investments in established SMEs with growth potential in Northern Ireland, the Fund will have the flexibility to invest across a variety of sectors and in a range of deal types.

The Northern Ireland Fund will co-invest with other Foresight managed funds that already invest in Northern Ireland, including the AIB Foresight SME Impact Fund which invests across the island of Ireland.

The £130m IFW is operated by the British Business Bank and provides a mix of debt and equity funding, helping a range of small and medium sized businesses in Wales to start-up or stay ahead. Foresight has been chosen to manage the £50m equity finance fund, the IFW – Foresight Equity Finance. This will be sector agnostic and provide equity investments from £250,000 to £5m to Welsh companies.

Together, these mark the eighth and ninth regional funds on which Osborne Clarke has advised Foresight.

In connection with the Northen Ireland Fund, James Livingston, Partner at Foresight, commented: “We are thrilled to launch this Fund with support from British Business Investments. We have been operating in the Northern Irish market for more than 10 years. This Fund will increase the volume of Northern Irish SMEs we can support.

“We look forward to enabling promising companies across Northern Ireland to thrive, positively impact their local areas, and create high-quality, local jobs.”

By Mark Adair – Correspondent, Bdaily

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