British Business Bank boosts Northern Powerhouse Investment Fund
The British Business Bank has allocated an additional £54.3m to Mercia Asset Management for its two existing investment mandates from the Northern Powerhouse Investment Fund (NPIF).
This additional capital, takes Mercia’s total mandates fromn the British Business Bank to £186.3million. The asset management company was first awarded investment mandates from NPIF in February 2017 across two funds; the £57.5million NPIF YHTV Equity fund and the £51.0million NPIF Y&H Debt fund. Since then, Mercia has been successfully deploying these funds to support regional businesses.
The new allocations will again be divided amongst the existing funds, with £23.7million allocated to the equity fund and £30.6million to the debt fund.
Mark Payton, Chief Executive Officer of Mercia, said: “The Northern Powerhouse Investment Fund is playing an important role in helping unlock the potential of small businesses across the North of England and we are delighted to build on our successful partnership through this increased allocation across both funds. Now is a particularly critical time for regional SMEs and these new allocations will help us support both existing and new portfolio companies.”
NPIF has recently announced investments across the North including in Genius Recruitment and Hull-based Chatta.