Foresight Group (“Foresight”), a leading listed regional private equity and infrastructure investment manager, has announced the launch of a new Fund dedicated to investment in Scotland.
Osborne Clarke's UK funds team has advised on the first close of the fund at more than £60m.
This is Foresight’s seventh regional fund on which Osborne Clarke has advised. The fund replicates the successful strategy already deployed in other regions of the UK. It is also Foresight’s second fund dedicated to Scotland, having launched the £32m Foresight Scottish Growth Fund with the support of the Scottish Government in 2019.
The Fund will target debt and equity investments of £1m to £5m in established SMEs with growth potential. It will be managed by Foresight’s collegiate Private Equity team, with growth of the existing team in Scotland.
The Fund will support the local Scottish economy and deliver a positive social impact across Scotland, creating high-quality, local jobs. Since 2016, Foresight’s regional funds have created thousands of jobs in regions throughout the UK. The Fund will also enable companies to achieve their growth potential. Notably, during the summer of 2022, Foresight exited Edinburgh-based Codeplay, generating a 16x return for investors.
Foresight is one of the most active investors in small and medium-sized businesses in the UK and Ireland, providing flexible funding and partnering with companies across all sectors and deal stages. In 2022, Foresight made 94 investments into SMEs and delivered eight successful exits.
Matt Smith, Partner at Foresight Group, commented: “We are very pleased to be launching this Fund. We look forward to delivering a positive impact and working with exciting growth SMEs throughout Scotland to create value and jobs. The Fund reflects our commitment to the Scottish market, where we believe there is a funding gap for the provision of capital and expertise to smaller companies. We look forward to strengthening our ties with the local business community and further building our local team.”
Daniel Halliday, Director at Foresight Group, commented: “We are delighted to be able to increase our commitment to the Scottish market. We continue to see an excellent opportunity to invest in Scotland, supporting the vibrant SME community that has historically been underserved by professionally managed capital. We look forward to growing our local team, building on the good work since establishing our office in 2019.”
Notes to Editors
About Foresight Group
Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 350 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eleven regionally focused investment funds across the UK and an SME impact fund supporting Irish SMEs. This team reviews over 2,500 business plans each year and currently supports more than 250 investments in SMEs. Foresight Capital Management manages four strategies across six investment vehicles with an AUM of over £1.5 billion.
Foresight operates across seven countries in Europe and Australia with AUM of £12.5 billion. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021. foresightgroup.eu/shareholders