More than 90 of the North East’s leading dealmakers have been enjoying the warm summer weather from the cool waters of the Tyne as guests of regional fund management firm NEL Fund Managers.
NEL held its annual summer reception aboard the Fortuna, sailing from Newcastle’s Quayside to North Shields harbour.
The event was aimed at recognising the contribution of the region’s professional services community in identifying and supporting businesses in which NEL investments has made investments from the Finance For Business North East Growth Fund that it manages, and to encourage attendees to put new names forward who might become part of NEL’s investee portfolio.
NEL has so far invested £12m in 58 businesses from the Growth Fund since its launch in spring 2010, with an average investment value of £206,000, and recently secured an additional £3m to add to its original £20m value.
The ceiling that NEL can invest in any given deal has also been increased, from £400,000 to £750,000, meaning that it is able to back more substantial investment proposals than has been the case up to now.
Simon Johnson, senior investment executive at NEL Fund Managers, said: “The intermediary community is very important in identifying client companies that could be suitable Growth Fund candidates and then helping them secure investments.
“Having so many of them on board gave us the chance to reinforce the availability of development capital to ambitious firms with robust business plans and strong management teams.
“Interest in and demand for Growth Fund investments remains high, and securing this additional capital and increasing the amount we can invest in an individual deal opens up significant new opportunities for both ourselves and the companies with which we’re working.