b'ww 01At a glanceComplete ConnectedCapitalMercias investments across its four asset classes are powering ambitious regional SMEs with the capital that they need to grow. Our business model is designed specifically to support the funding needs of companies through their journey from origin to exit.Balance sheet VentureUp to 10m 100k10mWe believe our approach to investing differentiates us.The UKs regions are home to an abundance of early-stageMercias model is to seek material influence (c.20%40%) and scaling companies that Mercia has long recognised in companies with modest capital needs, typically less thanand provided capital to. Our aim is to close the funding gap 10.0million, and with realistic entry valuations. We arein the regions, demonstrated by our track record of active board advisers and engaged intermediaries in theinvestment into c.230 inspiring businesses in the Midlands, businesses in which we invest. We provide access to thethe North of England and Scotland. Sourced through our Mercia Platform of sector experts and talent network ofdeeply embedded networks, digital deal origination and non-executives. We are not restricted in our ability tolocal partnership initiatives, our capital investment and provide capital investment and follow-on funding to ouradvice have fuelled emerging industries and supported portfolio assets so we can support each of these investeeinnovative growth for ambitious companies seeking companies throughout their growth journey to optimumprofitability.returns and timely realisations.Total portfolio25 Total portfolio233Total invested in 202017.5m Total invested in 202034.4mLiquidity30.2m FuM475.6mPrivate equity DebtUp to 10m 100k10mMercias performance in the private equity space remainsWe back ambition in the regions by lending debt financerobust. Our ability to support established businesses thatto businesses that are established, profitable andbenefit from long-term growth trends and to apply disciplined,led by management teams that have a growth track active management to these portfolio companies hasrecord. Frequently used to preserve equity or working maximised shareholder returns. Our purpose, to generatealongside the private equity team, debt plays a key role in attractive returns for our shareholders and fund investors, Mercias Complete Connected Capital model, offering is underpinned by considered origination and identifying andtailored solutions to small and medium-sized companies leveraging the talent in our non-executive network to provideacross a broad range of sectors.the optimal stewardship of our portfolio businesses.Total portfolio10 Total portfolio119Total invested in 202010.7m Total loans in 2020 14.5mFuM59.8m FuM121.8m04 Mercia Asset Management PLCAnnual Report and Accounts 2020'