HomeUKWhiterock Launches £75M Growth Capital Investment Fund in Northern Ireland

Whiterock Launches £75M Growth Capital Investment Fund in Northern Ireland

Whiterock, a Belfast, Northern Ireland, UK-based investment firm, launched a £75m fund.

The British Business Bank invested 60% of the fund (£45m) through its Enterprise Capital Funds programme, while the remaining 40% (£30m) came from private investors, including several local family offices and high net worth individuals.

The new vehicle will make growth equity investments in Northern Ireland based companies. The fund expects to make investments of between £1m and £5m for minority shareholdings in growth and scaling companies, with capacity for further follow on funding as required.

Whiterock plans to invest in companies who can demonstrate clear sales growth and routes to market in a wide range of sectors and industries, including Digital, ICT & Creative; Fintech & Financial Services; Life & Health Sciences; Agri-Tech; and Advanced Manufacturing & Engineering.

The firm expects the fund to be deployed over a five-year investment period, investing in 15-20 companies during that time.

Led by Paul Millar, Chief Executive Officer, Whiterock has been operating in Northern Ireland for more than 10 years. The firm has managed in excess of £150m across four funds and to date has deployed in excess of £120m, which has leveraged over £100m of further funding from other funders. Owned by a local senior management team, Whiterock has provided debt funding to over 150 SMEs based in Northern Ireland through The Growth Loan Fund I and II, The Growth Finance Fund and more recently the Investment Fund for NI.

In addition, Graham Ferguson, the former CFO of Newry-based technology company First Derivatives, will join Whiterock as Investment Director to work alongside David McCurley and Paul Millar, also Investment Directors in the fund. The fund will also be bolstered by the appointment of a number of external consultants and sector experts to provide technical knowledge and experience.

VCWire

01/04/2024