A new £50m equity fund to support the growth of SMEs in the Cardiff Capital Region, has been launched. The fund, known as Innovation Investment Capital (IIC), is being project managed by professional advisory firm PwC, working alongside Capricorn Fund Managers as the alternative investment fund manager.
It will provide equity investments ranging from £2m to £7m to support the scale-up of firms across the city region - which covers the ten local authorities of south-east Wales stretching from Bridgend to Monmouthshire. It could also be used to attract new firms into the region and will seek to secure co-investors, including the like of the Development Ban of Wales, when backing firms on a deal by deal basis. IIC will take more than 10% stakes in firms.
The fund is being financed from the city region’s £1.3bn City Deal, which is co-funded by the UK and Welsh governments.
