A new growth fund set up by London-based IW Capital will look to pump tens of millions of pounds into the UK’s small and medium-sized enterprises (SMEs).
The launch of a new growth fund comes following the completion of a management buyout, which will see IW Capital’s existing director Tariq Attia appointed as the new chief executive alongside private equity investor Alan Armstrong as chairman.
The fund gives the firm a new kind of leeway to write larger cheques to businesses with high-growth potential across a range of sectors, including those with innovative technologies, environmental impacts and education.
“Since its foundation in 2011, IW Capital has demonstrated a strong track record of backing brilliant businesses with experienced management teams who are addressing long-term shifts in societal trends,” new boss, Attia, said.
With 2023 being the “most active year to date”, Attia said the new approach highlights the firm’s resilience in an economically challenging time.
In total, IW Capital has over £150m assets under management across a range of industries, with the most recent investment in Impact Recycling and healthcare firm GPDQ.
Chairman Alan Armstrong said IW Capital’s new approach will help ensure businesses have the “support they need to realise their potential”.
“I know from my own business experience how important it is to find an investment partner who understands how to support growing businesses through engagement and commercial acumen and network introductions,” he added.
“UK SMEs are a core driver of employment and GDP and we pride ourselves on being an active, supportive partner… For our investors, this means access to opportunities which would otherwise be the domain of larger private equity houses.”