Maven strengthens Midlands Engine team with experienced appointments

Maven Capital Partners

Private equity firm, Maven Capital Partners has strengthened the team responsible for delivering the debt finance aspect of the Midlands Engine Investment Fund (MEIF).

The new appointments see Andy Povey and Raj Minhas join the firm as Investment Managers to help manage the important fund, which is a key aspect of the Midlands Engine growth strategy.

Based in Birmingham, the duo will have responsibility for new MEIF investments across the West Midlands, as well as managing portfolio investments across the region.

Mr Povey joined Maven in 2017 following a long career in SME investment and banking. He was previously a Director with SME investor Seneca Partners in Birmingham, sourcing and managing debt and equity transactions, and has extensive experience of leading a wide variety of SME equity investments across a range of sectors.

Mr Minhas joins Maven following a 30-year career with NatWest, primarily in the SME commercial and corporate banking sectors. Maven said he had detailed knowledge and understanding of the SME market having managed a broad portfolio of commercial customers predominantly in the manufacturing sector.

The new arrivals follow Maven’s appointment to manage the £90m MEIF Debt funds, which are focused on providing debt funding to high-potential growth businesses in both the West Midlands and the East and South-East Midlands regions.

Composed of two separate funds, of £50m for SMEs located in the West Midlands, and £40m for growth businesses in the East and South-East Midlands, the Fund will provide finance of between £100,000 and £1.5m.

Steve Lewis, Investment Director at Maven, said: “We are delighted to welcome Andy and Raj to the team and strengthen our presence across the region.

“We have built a highly skilled team with considerable in-depth knowledge of the local SME market, and a range of sector specialist knowledge, allied to the national resource of Maven’s UK business.

“The Midlands has a well-deserved reputation as being a key driver in UK economic growth and producing innovative smaller businesses and our MEIF Debt Fund team is very much looking forward to working in partnership alongside Midlands SMEs.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Pictured, from left: Steve Lewis, Investment Director, Raj Minhas and Andy Povey, both Investment Managers

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