b'Mercia asset Management PLc27Annual Report and Accounts 2021CompleteConnectedCapitalWhat we doMercias Complete Connected Capital means that we can draw upon various pools of capital across our asset classes, delivering the appropriate levels of investment at the right time.Strategic reportGovernance Financial statementsDeal-flow Pathfinder & seed Early stage & development Growth & scale Exitsources 0-3 years 1-7 years 3-7 years 7-15 yearsThird-party funds Balance sheet capital c.764million in FuM to deploy into selective, high-growthMercia has 54.7million unrestricted cash on its balance sheet SMEs across venture, private equity and debt. to deploy as investment follow-on capital to promising companies in its existing direct portfolio and its third-party funds portfolio.Stakeholder value creationInvestee companies Third-party investorsEmployeesAmbitious regional SMEs that haveSolid track record of investing through thec.100 colleagues whose individual relatively modest capital needs and arecycles and consistently providing returnsobjectives, together with our values,priced sensibly. across all our asset classes. drive Mercias performance.0.4m 10 811initial average investment Profitable exits training hoursfrom venture'