Alert Icon

Beware of scams

We are aware of scams coming from email and social media where people try to impersonate us. We will never ask you for money or your bank details.

Learn more about what to look out for and how to protect yourself

Palatine announces first close of maiden Growth Credit Fund and second partner hire

Press release 27 February 2024

Palatine Growth Credit Fund, aimed at backing high-growth technology companies in the UK regions, has reached a first close at £75m and appointed experienced venture debt professional Ryan Sorby as Partner.

Partner Will Chappel leads the strategy, with the new fund to begin investing in the next few months, amid strong demand from B2B-focused companies including fast-growing tech firms.

Among the investors in the new Growth Credit Fund are British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, and a number of local authority pension funds.

The Palatine Growth Credit Fund will support maturing, high growth, but not start-up, companies which are seeing strong year-on-year revenue growth.

The Fund will lend to companies in the cyber, fintech, SaaS, healthtech, medtech, AI and advanced manufacturing sectors in the burgeoning technology ecosystems of the North, Midlands, South West, and the South East.

Will Chappel, who has previously launched three successful Growth Credit strategies in the UK and worked for Barclays, Shawbrook and HSBC said:

In what has been a challenging market for new fund-raisings, we are delighted for the fund to have reached a strong first close.

We are looking forward to a very active 2024 as the Growth Credit Fund makes its first investments and continues to grow the team alongside myself and Ryan, who brings an outstanding track record and long standing relationships in the North West and Yorkshire markets.

Despite much-documented economic headwinds, we know there is very strong market demand for funding to help established businesses accelerate their growth.

Will Chappel Partner, Palatine Growth Credit Fund

New Partner Ryan Sorby, who has over 25 years’ experience working with small and medium-sized businesses, first as an adviser and more recently as a lender with Lloyds Banking Group and Boost&Co, added:

I am incredibly excited to join Palatine Growth Credit, which is a unique offering in the regional debt market.

We see enormous potential and appetite in the North of England and the Midlands, where there are many exciting tech companies coming to the fore, looking to scale at pace.

Ryan Sorby Partner, Palatine
At British Business Investments, our mission is to improve access to alternative finance for smaller businesses across the UK. Our commitment to the Growth Credit Fund will help more UK smaller businesses, particularly in the North, Midlands, South West and South East, to access the capital they need to grow and succeed. Adam Kelly Managing Director, British Business Investments

Palatine Growth Credit, as part of the wider Palatine Group, sits alongside the sustainably-driven established Buyout and Impact funds and private equity funds.

Important Notice: The fund mentioned within is only available to Professional Investors within the United Kingdom and Retail Investors may not rely on the information within. This is not an offer to sell, or an invitation for an offer to acquire, an interest in the Fund, nor is it an invitation to apply to participate in the Fund. This is not an offering or placement of interests in the Fund in any jurisdiction and should not be construed as such. No information in this document will form the basis of any contract.

Further Information

Notes to editors

About British Business Investments

British Business Investments Limited is a wholly owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. British Business Investments 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 economic advantage from the government. Find out more at

The Bank and its subsidiary entities are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc or its subsidiaries or any other party in respect of Palatine or its products or services.