British Business Investments, the commercial arm of the British Business Bank, has announced a commitment of £15m to the first close of WestBridge Capital’s Fund II.
WestBridge Capital has secured around £50m of commitments for the first close of its Fund II with a target fund size of size of £100m at final close.
The new fund is expected to expand WestBridge’s focus from the Thames Valley, the South West and Wales, where it has significant experience, to smaller businesses in the Midlands and the North.
WestBridge Capital’s Fund II will invest in profitable, fast growing UK SMEs with enterprise values of £10m to £20m, many of which are technology enabled. WestBridge’s previous SME fund included investee companies operating in aerospace, electronics, B2B business services, medical technology, business critical software and HR systems.
Catherine Lewis La Torre, CEO of British Business Investments, said: “British Business Investments is committed to improving the range of growth finance options available to the UK’s ambitious smaller businesses. For many smaller businesses equity finance can be the key to unlocking growth.“
This commitment supports British Business Investments’ objective to improve the volume and diversity of funds available to UK smaller businesses, especially outside of London, who are looking to grow. This new fund will provide equity finance, vital for scaling up, to UK smaller businesses looking to grow.
British Business Bank
Andy Johnson-Creek, MHP Communications, +44 20 3128 8100, firstname.lastname@example.org
Scott Shearer, British Business Bank, Scott.Shearer@british-business-bank.co.uk
About British Business Investments
British Business Investments is the trading name of British Business Bank Investments Ltd, the commercial arm of the British Business Bank. It aims to earn a commercial return by investing – through finance providers – in smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government. Find out more at www.bbinv.co.uk.
British Business Bank Investments Ltd is a wholly owned subsidiary of British Business Bank plc, the UK government’s economic development bank. Neither entity is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.Back