£20m development fund opens search for fund manager

The search for a fund manager to deliver the £20m Cheshire and Warrington Development Fund has been launched.

The ‘Evergreen’ fund will see an initial £20m of ERDF (European Regional Development Fund) invested by the end of 2023 and reinvested over 10 years to create an overall investment fund valued at an estimated £60m, providing loans or investment capital to businesses in Cheshire and Warrington.

The Cheshire and Warrington Development Fund, financed by a grant from the ERDF, will be managed by an experienced fund management team who will identify investment opportunities to create new research and innovation space, help SMEs to grow, and provide energy efficiency improvements to new or existing buildings to help reduce the carbon footprint of buildings.

Christine Gaskell, chair of Cheshire and Warrington Local Enterprise Partnership (LEP), said: “Cheshire and Warrington’s heritage is built on innovation, with companies having global impact across industries such as life sciences, energy and manufacturing and, as we prepare to leave the EU, there has never been a more important time to invest in creating the right conditions where businesses of all sizes can thrive.

“Innovation is at the heart of growing an economy that is resilient, and we are committed to nurturing excellence through the £20m Development Fund.”

The LEP expects to receive bids from fund managers with a strong track record of investing public funding with a specific focus on low carbon and research and innovation space.