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23 November 2023

New Wales Fund Mandate for Foresight Group with IFW


Foresight Group (“Foresight”), a leading listed private equity and infrastructure investment manager, has announced it will manage a £50 million equity fund for the Investment Fund for Wales (“IFW”), the IFW – Foresight Equity Finance (“the Fund”).

Operated by the British Business Bank (“BBB”), 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.

This is the second fund Foresight Private Equity has announced in 2023 and is the second time Foresight has been appointed as Fund Manager by the BBB. In 2018, Foresight was appointed as Fund Manager to the Midlands Engine Investment Fund (“MEIF”), a £250 million initiative launched by the BBB to support SME growth across the Midlands.

Foresight is dedicated to investing in local economies and enabling them to thrive, having already launched 12 funds dedicated to particular regions across the UK and Ireland, creating thousands of high-quality, local jobs. For IFW, Foresight will replicate the successful strategy it has deployed elsewhere in the UK and Ireland.

IFW – Foresight Equity Finance will be managed by Foresight’s team based in Cardiff, supported by Foresight’s wider Private Equity team which is made up of over 50 investment professionals, based across its office network located in the UK and Ireland. The Fund will be sector agnostic providing equity investments from £250,000 to £5 million to SMEs across Wales.

Claire Alvarez, Parter at Foresight Group, commented:

“We are delighted to announce IFW – Foresight Equity Finance, a £50 million equity fund dedicated to Wales. This is the second time we have been appointed as Fund Manager to the BBB and we are pleased to continue working alongside the BBB to help plug the funding gap for the provision of capital to SMEs.

“We look forward to supporting a range of promising companies across Wales to achieve their growth ambitions, make a positive impact in their local areas and create high-quality, local jobs.”

John Cordrey, Principal at Foresight Group, added:

“We believe there is a thriving business advisory community and growing business ecosystem in Wales and are pleased to officially launch here. We continue to see promising businesses across all regions in Wales and look forward to supporting Welsh SMEs to grow, innovate and achieve their business ambitions.”

The purpose of IFW is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across Wales. IFW will increase the supply and diversity of early-stage finance for smaller businesses in Wales, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Foresight provides more than investment and partners with promising SMEs – across all sectors and transaction types – to enable founders and management teams to achieve their business ambitions. By providing operational insight, guidance, expertise and connections, Foresight enables SMEs to achieve their vision, positively impact their local areas and create high-quality, local jobs. It is one of the most active investors in SMEs in the UK and Ireland; so far in 2023, Foresight’s Private Equity division has made over 50 investments.

 



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