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Dev-Bank Wales MBO
5 July 2024

Fund Manager Boosts Welsh Team as it Announces New Wales Office


Foresight Group has announced new appointments to its investment team in Wales as well as plans for a permanent office in Cardiff.

In 2023 Foresight, a leading listed private equity and infrastructure investment manager, was appointed to manage a £50 million equity fund which is part of the Investment Fund for Wales (IFW). It says it has received more than 300 enquiries about the Fund so far.

Operated by the British Business Bank, the £130 million IFW will provide loans from £25,000 to £2 million, and equity investment from £250,000 to £5 million, to fund a range of small and medium sized businesses across Wales to start up, scale up or stay ahead.

Since the launch of the Fund, Foresight has been based at Tramshed Tech in Grangetown, Cardiff. It said this temporary arrangement had allowed it the opportunity to engage with various tech businesses, creating networking and investment opportunities, but it said it will soon move to its permanent home at Southgate House, on Wood Street, Cardiff.  Foresight also has an office in M-SParc, Anglesey.

Stephen Galvin, previously a Senior Investment Executive at Development Bank of Wales, was appointed as Fund Principal in November 2023.

Now a series of further senior hires has been announced. Geraint McGrath arrives from Deloitte as Senior Investment Manager and Ruby Harcombe, formerly of the Development Bank of Wales, has joined as Investment Manager.

Stephen Galvin, Fund Principal at Foresight, said:

“I’m thrilled at the progress our new Welsh operation is making. We’re here to address a funding gap for the provision of capital to SMEs in the country, and the positive response to the Fund’s announcement last year – we've received over 300 inquiries so far – demonstrates that there is a strong demand for funding at the grassroots level and beyond.

“While we do have a certain focus on early-stage companies, our pipeline also includes later-stage business across various sectors including traditional industries like manufacturing.

“With the team now on board and a new office set to open later in the year, this is an incredibly exciting time – not just for Foresight, but for the wider business community here in Wales. We look forward to working with our partners in the region to help more companies achieve their potential while bringing a lasting boost to the Welsh economy.”

IFW – Foresight Equity Finance is managed by Foresight’s team based in Cardiff, supported by Foresight’s wider Private Equity team, which is made up of more than 50 investment professionals, based across its office network located across the UK and Ireland. Foresight’s private equity team supports growing companies across all sectors and transactions types.



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