Mercia Asset Management PLC, the proactive, regionally focused specialist asset manager with c.£1.4billion of assets under management, is pleased to announce continued inflows into its existing managed funds and successful new fund raises, together totalling c.£80million.
The recent inflows across Mercia’s managed funds were as follows:
- Frontier Development Capital (“FDC”) continues to grow following its recent acquisition by Mercia, with an additional £30.0million raised for its FDC Debt LP fund
- £18.0million has been raised by the Northern Venture Capital Trusts
- Mercia’s latest Knowledge-intensive Impact Enterprise Investment Scheme fund raised £13.6million
- The Mercia-managed Northern Powerhouse Investment Fund received £10.3million of additional equity allocation from the British Business Bank
- The Mercia-managed Midlands Engine Investment Proof-of-Concept Fund received £8.5million of additional equity allocation from the British Business Bank
As at 31 March 2023, Mercia had £37.8million of unrestricted cash on its balance sheet and no debt. The Group also continues to have significant liquidity within its managed funds to support both existing and new investee companies.
Dr Mark Payton, CEO of Mercia Asset Management PLC, commented:
“Two things stand out from these new inflows: our ability to raise additional funds from across our different pools of capital, and our ability to do this during a difficult fund raising period in the UK. Together, these new inflows highlight the strength of the Mercia model, and the investor confidence we have built through our investment track record.
“It is also pleasing to see FDC immediately making a positive impact as part of the Group, following its successful integration. As a debt-free Group, we are in a robust position from which to support our existing portfolio companies and identify new opportunities, as Mercia builds on its position as a leading, regionally based, partner of choice for ambitious entrepreneurs.”