New corporate recovery fund launched

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Fund

NorthEdge Capital, a new corporate recovery fund targeting distressed businesses, has been launched by four financiers: Partners Andy Ball, Grant Berry, Tim Murphy and Dan Wright, previously senior directors at RBS, HBOS and Lloyds TSB Development Capital, have contributed to the fund. The new fund will have a formal target of between £100-200m after a fundraising period of approximately 12-18 months.

Investors

NorthEdge is seeking both high-net-worth and institutional investors interested in investing in struggling businesses on either a "deal by deal" or "committed fund" basis. One private high-net-worth individual has already committed £10m to the fund.

Investments

The fund, which is not sector specific, is looking to invest a minimum of £1m in businesses with funding difficulties that have strong fundamentals and a turnover of more than £10m, based predominantly in the Northern regions of England. NorthEdge, which hopes to make a minimum of 2.5x money on its investments, aims to be involved in up to four deals per year. The fund is open to making co-investments.

People

NorthEdge is managed by four partners from its office in Manchester.

Name: NorthEdge Capital

Launched on: June 2009

Target: £100-200m

Contact: Grant Berry

Focus: Distressed, Northern England

Address: NorthEdge Capital, 3 Hardman Square, Manchester, M3 3EB

Tel: +44 161 618 4100.