Foresight reaches £38m first close for regional fund

The fund, which launched late last year, is targeting £60m, without the use of a placement agent.

Alongside the new fund, Foresight plans to open a regional office in Manchester during the first quarter of this year, and is currently recruiting local investment professionals.

This is Foresight's second institutionally backed fund, following its 2013 £40m Foresight Nottingham Fund. Since then, Foresight has been in discussions with a number of local government funds regarding a series of further regional vehicles.

Investors
The vehicle has collected commitments from three local government pension funds, all of which are new investors. 

Investments
The vehicle will seek to invest up to £5m of equity in UK companies operating in the north-west of England, south Yorkshire and north-east Wales. The fund has a flexible investment mandate, able to carry out management buyouts, management buy-ins, equity releases and growth capital transactions.

People
Foresight Group – Russell Healey (partner), James Livingston (partner).

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