NorthEdge Capital launches £125m investment fund
Source: North West Business Insider
A new £125m private equity fund to invest in mid-market companies across the North West and North of England has been launched.
A team at Manchester-based NorthEdge Capital, brought together by the people who launched LDC's presence in Manchester, has spent the past 15 months raising the new cash.
The pot, named NorthEdge Capital Fund I, will used for both majority and minority equity investments of between £5m and £25m and target businesses with turnovers of between £15m and up to £150m. The fund will not be sector specific.
Managing partner Grant Berry and partner Andy Ball launched LDC's presence in the North of England in 2000.
They later worked with Ray Stenton, also now a partner with NorthEdge, and completed 30 deals and 28 exits during their time at LDC.
NorthEdge first launched in July 2009 and acted as a middle man for deals across the North West but has been raising new funds for equity investment since April last year.
It has used Swiss investment bank UBS to meet with and sign up new backers, the majority of which are institutional investors from the US, continental Europe and the Far East.
NorthEdge has a seven-strong team based in Manchester city centre's Northern Quarter and is being supported a second operation in Leeds city centre.
A new director to oversee the Leeds base is due to be announced next week and will be supported by Manchester-based Ball.
It is expected that an average of three or four deals a year will be conducted by NorthEdge with a third of those done from the Yorkshire base.
Fund I expires in July 2017 and will be followed by a further five-year divestment and realisation period.