NWDA awards North West venture fund to YFM/MTI consortium
04 February 2010
The Northwest Regional Development Agency (NWDA) has awarded YFM Private Equity, part of the YFM Group, and MTI, the technology venture capital investor a fund management mandate for the North West region.
The YFM/MTI consortium will deliver and manage the interim Venture Capital Fund, announced by the NWDA in the Summer.
The fund is designed to provide investment capital to growing SMEs, which is part of the NWDA’s continuing commitment to the support of enterprise in the region.
The fund is available now to North West based SMEs: at all stages of their development; to fund a wide range of growth opportunities; and providing £250,000 to £1m of equity based investment.
YFM Private Equity’s North West team have, over the last six years, delivered and managed the highly successful North West Business Investment Scheme (NWBIS).
It has also been recognised as Fund of the Year 2009 at the North West Business Insider’s Dealmakers of the Year Awards.
YFM Private Equity has made 15 investments across the North West in deals worth over £28 million over the last year.
MTI has made over 14 equity commitments to the region over the last 15 months through its management of the £32m UMIP Premier Fund, which is focused on deals emerging from the University of Manchester, and also deals in the wider North West region.
David Hall, Managing Director of YFM Private Equity said: “We are delighted to be awarded the much anticipated venture capital funding, This will allow the team to continue to provide support to the region’s innovative and diverse businesses.”
Richard Henderson, Partner of MTI, said: “We see this NWDA initiative as a much needed addition to the range of equity support provided to the region’s entrepreneurs.”
Businesses looking for equity finance in the area or indeed across the wider North West region should contact Simon Cleaver on 0151 600 5134, or any of the rest of the team in Manchester on 0161 832 7603.