The Development Bank of Wales will bid to run new debt and equity funds from the British Business Bank, including a £130m fund specifically to back the growth of Welsh SMEs.
Chief executive of the development bank Giles Thorley has also confirmed that while it explored a potential bid to run a new £50m equity fund for the Cardiff Capital Region, it ruled itself out after assessing that its criteria meant it could only identify a small gene pool of investable businesses in the region – that covers the 10 local authorities of south-east Wales.
The fund, which can invest per deal £2m to £5m, is being overseen by professional advisory firm PwC in partnership with fund manager Capricorn, after winning a competitive bid process.
