Foresight to launch £50m evergreen fund to support SMEs

Investment manager Foresight Group is to launch an evergreen fund for the South West, after securing a £50m close.

The FTSE 250 private equity and infrastructure investment manager will open offices in Bristol and Exeter to support the new fund, which is being cornerstoned by Devon Pension Fund.

The Fund will target smaller equity investments in established companies with growth potential across the South West. It is designed to be evergreen, providing a permanent pool of capital for ambitious SMEs.

Matt Smith, partner at Foresight Group, said: “We look forward to embedding ourselves in the local community and supporting growing companies across the region.

“Our investment approach is to work collaboratively with entrepreneurs and the broader local business community.”

Foresight will establish a team working in the region as part of its larger private equity team. It recently invested £5m into innovative children’s nursery and soft play provider, Family Adventures Group, to support its plans to open multiple sites.

James Morrish, chair of the Devon County Council’s investment and pension fund committee, which oversees the administration of the Devon Pension Fund, added: “We are delighted that the Devon Pension Fund is investing in a fund that will support local businesses and providing local jobs, whilst still delivering the investment return we need to meet our liability to pay pensions.”