Foresight Group Holdings Limited First close - Foresight Regional Investment III (5025Z)
May 24 2021 - 1:00AM
UK Regulatory
TIDMFSG
RNS Number : 5025Z
Foresight Group Holdings Limited
24 May 2021
24 May 2021
Foresight Group Holdings Limited
First close of Foresight Regional Investment III LP at GBP65
million
Foresight Group Holdings Limited ("Foresight"), a leading
infrastructure and private equity manager, announces the first
close of the Foresight Regional Investment III LP (the "Fund") at
GBP65 million. The Fund is cornerstoned by the Greater Manchester
Pension Fund, with strong support from Clwyd and Merseyside Pension
Funds.
The fundraise follows the success of the Foresight Regional
Investment LP ("FRIF") in the North West, a fund which exemplifies
the strength of Foresight's regional private equity strategy of
addressing the gap for impact-focused equity investments in growing
SMEs.
The strategy delivers both attractive economic returns and
broader long--term benefits for regional communities by applying a
professional approach to private equity investment in this
underserved and less competitive part of the market.
FRIF has helped create more than 600 new jobs in growing SMEs,
with the first two exits returning 6.1x and 5.6x money,
respectively. Successful exits such as these have contributed to a
strong track record since launch with a fund net IRR of 28%.
In line with FRIF, the Fund has a flexible mandate and can
deliver buyout, minority equity release and growth capital
transactions. It will provide a platform from which Foresight can
provide both capital investment and expertise to support the
development of sustainable, socially conscious small businesses in
North West England, North Wales and beyond.
Foresight currently manages five regionally focused investment
funds across the UK and supports over 100 UK SMEs.
Russell Healey, Foresight's Head of Private Equity,
commented:
"Across the UK, our regional private equity business is helping
to drive the growth of SMEs as the country looks to recover from
the pandemic. In the North West, Foresight has established itself
as a key player over the last five years, investing in more than 20
local companies and working closely with management in each case to
support their growth plans. However, the region remains
under-invested and COVID-19 has materially widened the equity gap,
so increasing the opportunity for our latest fund to have a
significant, positive impact on the local community while also
delivering strong economic returns."
In its trading update of 15 April 2021, Foresight reported an
estimated year end AUM of GBP7.2 billion for the financial year to
31 March 2021, an increase of 60% year-on-year (31 March 2020:
GBP4.5 billion). During the year, Foresight's Private Equity team
made 50 investments into UK businesses across a wide variety of
sectors.
Enquiries:
Foresight Group
Jonathon McManus IR@foresightgroup.eu / +44 (0) 7790 804
477
Citigate Dewe Rogerson (Public relations adviser to Foresight
Group)
Caroline Merrell caroline.merrell@citigatedewerogerson.com
/ +44 7852 210329
Toby Moore toby.moore@citigatedewerogerson.com /
+44 7768 981763
Corporate Brokers
Jefferies +44 (0) 20 7029 8000
Paul Nicholls
Graham Davidson
Lee Morton
Max Jones
Numis +44 (0) 20 7260 1000
Stephen Westgate
Charlie Farquhar
Jamie Loughborough
Laura White
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END
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