Foresight Group, a private equity and infrastructure investment manager, has announced the launch of a new Fund dedicated to investment in Scotland.
Additionally, Foresight announced the first close of its new fund at more than £60M, supported by cornerstone commitments from Strathclyde Pension Fund and British Business Investments.
This marks Foresight’s eleventh regional fund and second fund dedicated to Scotland after launching the £32M Foresight Scottish Growth Fund with the support of the Scottish Government in 2019.
In 2022, the VC has backed the likes of BlueSkeye AI, Opsydia, Hexarad and others.
Helping SMEs with growth potential
With the latest fund, Foresight plans to write a cheque between £1M to £5M in established SMEs with growth potential. Further, the fund will support the local Scottish economy and deliver a positive social impact across Scotland, creating high-quality local jobs.
In 2022, Foresight made 94 investments into SMEs and delivered eight successful exits, including Edinburgh-based Codeplay, generating a 16x return for investors.
Foresight manages over 350 infrastructure assets focusing on solar and onshore wind assets, bioenergy, and waste, renewable energy-enabling projects, energy efficiency management solutions, social and core infrastructure projects, and sustainable forestry assets.
Foresight operates across seven countries in Europe and Australia with an AUM of £12.5B.
Matt Smith, Partner at Foresight Group, comments, “We are very pleased to be launching this Fund in partnership with British Business Investments and Strathclyde Pension Fund. We look forward to positively impacting 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 a funding gap exists to provide capital and expertise to smaller companies. We look forward to strengthening our ties with the local business community and building our local team further.”
Daniel Halliday, a Director based in Foresight’s Edinburgh office, says, “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 historically underserved by professionally managed capital. We look forward to growing our local team, building on the good work since establishing our office in 2019.”
Judith Hartley, CEO at British Business Investments, says, “British Business Investments is committed to improving choice and diversity of funding options for UK small businesses seeking to grow. Investing in funds like Foresight’s Scotland Fund, we help smaller businesses in the UK’s nations and regions access capital and unlock rapid growth. Our commitment to Foresight will support established Scottish businesses with growth potential.”
