Matthew Neville

£948m specialist asset manager raises additional £40m to support SME growth

A Warwickshire based specialist asset manager with £948m of assets under management has raised an additional £40m, which will be used to assist SMEs in the expansion of their operations.

Mercia Asset Management PLC has announced that the three Northern Venture Capital Trusts (VCTs), which form part of Mercia’s assets under management (AuM), have raised a total of £40m in new capital through share offers launched in January 2022.

The company is focused on supporting regional SMEs to “achieve their growth aspirations”. Mercia provides capital across its four asset classes of venture, private equity, debt, and proprietary capital: the group’s “Complete Connected Capital”. It also boasts partnerships with 19 universities, providing it access to “high-quality deal flow”.

The Northern VCTs comprise Northern Venture Trust PLC, Northern 2 VCT PLC and Northern 3 VCT PLC. They each expect to allot new shares in respect of their successful fundraise on or around April 4 2022.

Mark Payton, chief executive officer of Mercia, commented: “We are pleased by the Northern VCTs successful fundraise of £40m and grateful for the continued support of Northern VCT shareholders, in what is a competitive VCT fundraising environment.

“This reflects continued confidence in the reputation and track record of the three Northern VCT venture portfolios, together with those members of Mercia’s investment team who manage them. The Northern VCTs continue to be well positioned as an important source of capital for regional SMEs, as these businesses navigate the current economic climate.”

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