Foresight announces £50 million first close of a new fund dedicated to growing companies across the South West
Foresight Group (“Foresight”), a leading FTSE 250 listed private equity and infrastructure investment manager, has announced the launch of an evergreen fund dedicated to investing into growing companies, across all sectors and transaction types, throughout South West England (“the Fund”).
Cornerstoned by Devon Pension Fund, the Fund will target smaller equity investments in established, promising companies with growth potential across the South West of England, including Bristol, Cornwall, Devon, Dorset, Gloucestershire, Hampshire, Oxfordshire, Somerset and Wiltshire.
Throughout the South West, the Fund will support growing companies to achieve their business ambitions, support their local economy, and deliver positive social outcomes by creating high-quality, local jobs. It will invest into a broad range of sectors, across the full range of transaction types including buy-outs and equity release, always with the objective of supporting companies to grow and achieve their business ambitions.
The Fund is designed to be evergreen, providing a permanent pool of capital around which SMEs can make long term plans. The Fund is both flexible and will support the South West for the long term, tailoring investments to meet the needs and plans of each company. Foresight will establish a local team working as part of Foresight’s larger Private Equity team, which are based in offices across the UK and Ireland. Offices to support the deployment of this Fund will open in Bristol and Exeter.
Foresight manages a number of regionally focused Private Equity and Venture Capital funds dedicated to growing companies across the UK and Ireland. The strategy has proven successful, delivering societal benefits alongside good economic returns in structurally underserved regional markets. This Fund will replicate the successful strategy already deployed elsewhere in the UK and Ireland, which to date has created thousands of jobs.
Devon County Councillor, James Morrish, Chair of the council’s Investment and Pension Fund Committee, which oversees the administration of the Devon Pension Fund, said: "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."
Matt Smith, Partner at Foresight Group, commented: “We are delighted to launch a fund dedicated to the South West of England with support from Devon Pension Fund. 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. We look forward to providing further updates on this exciting fund.”
Foresight has a track record of supporting companies across the South West. Recently, Foresight invested £5 million into innovative children’s nursery and soft play provider, Family Adventures Group. Since investment, Family Adventures Group has won multiple industry awards and is set to create a significant number of jobs as it plans to open multiple new sites.
From its offices located throughout the UK and Ireland, Foresight invests in growing companies across a wide range of sectors and transaction types. With a collaborative approach, its team brings much more than investment to the companies it supports. By sharing operational insights, guidance and strategic connections, it enables growing companies to achieve their business ambitions.
