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TDC closes Impact Fund at £70m to meet strong demand from northern SMEs

Press release 18 December 2023

Leading private credit investor TDC has secured additional commitments to its Impact Fund, unlocking vital resources for ambitious small businesses in the North of England.

The Impact Fund, which focuses on driving job creation across the North of England, was launched in May 2022 after securing cornerstone commitments totaling £40m from British Business Investments and the Greater Manchester Pension Fund. The investors have now committed an additional £30m, bringing the total to £70m, following strong demand for private credit from the small business community across the North.

The increased fund size means TDC is now able to offer loan sizes between £1m and £7m.

Founded in 2015, TDC has continued to support businesses in the UK’s mid-market. As the only private credit investor outside of London serving the whole of the UK, TDC’s recent capital partnership with KKR has enabled the lender to take capital under management to over £1bn. The Impact Fund sits alongside TDC’s three main funds, which make investments of up to £40m.

Earlier this year, TDC supported employee health and wellbeing solutions provider, Latus Health, with a debt facility through the Impact Fund to support the acquisition of ELAS Occupational Health and The Industrial Diagnostics Company. The acquisitions strengthened Latus’ position as a leading occupational health provider within the UK, and will create more job opportunities in its Hull headquarters.

We launched the Impact Fund at a time of an unstable economic backdrop with a vision of supporting SMEs across the North that had been disrupted by Covid-19 and the macro-economic conditions experienced following this period. Our focus has been on supporting their recovery with a specific remit of growing employment in the region.

As an investment business that was born in Manchester, we’re proud to support these local entrepreneurs in bringing their growth strategies to life.

We’ve achieved great success to date, and are delighted to secure further commitment from British Business Investments and the Greater Manchester Pension Fund to take our Impact Fund to a £70m cap, enabling us to unlock what the North has to offer the UK as a whole and beyond. It’s a unique offering that sits alongside our main funds, and reflects our commitment to making the North an attractive place to work for top-tier talent.

Gary Davison Managing Partner at TDC
British Business Investments’ objectives are to ensure smaller businesses can access as diverse a range of finance options as possible and to reduce regional imbalances in access to finance. This compliments TDC’s approach as an alternative lender, supporting the development of Northern businesses which might otherwise be unable to access capital to grow. We are pleased to make this further commitment to TDC to help growing smaller businesses in the North to access the additional investment capital they need to scale up. Adam Kelly Managing Director at British Business Investments
Our Impact Portfolio seeks to meet out twin aims of investing locally and creating a positive impact whilst generating a positive financial return to meet our pension obligations. I am proud that the Greater Manchester Pension Fund is supporting the TDC Impact Fund and its effort to provide finance to SMEs across Greater Manchester and the wider North. TDC is providing support to businesses who have been disrupted over recent years by global shocks with the intention of growing employment opportunities and contributing towards economic growth in the region and beyond. Cllr Gerald Cooney Chair, Greater Manchester Pension Fund

Further Information

Notes to editors

About TDC

TDC is the only private credit investor outside of London serving the whole of the UK, and following its recent partnership with KKR has now cemented its leading position in the UK lower mid-market.

From its Manchester base, TDC is developing a team of world-class finance professionals who would have traditionally been drawn to London to further their careers.

With £1bn raised to date, TDC is committed to unlocking finance for SMEs and helping to drive forward the Northern Powerhouse agenda.

For more information, please visit the TDC website at

About British Business Investments

British Business Investments Ltd  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 TDC or its products or services.