Maven to manage £58m for Northern Power House fund

The vehicle, NPIF Maven Equity Finance, will be part of NPIF's £400m investment programme to support small and medium-sized businesses in the region.

The vehicle will provide equity tickets of between £50,000-2m to high-potential companies located across Lancashire, Greater Manchester, Liverpool, Cumbria, Yorkshire and the Humber, and Tees Valley.

NPIF was announced by the UK Government in 2015 and is a partnership between the British Business Bank, the European Investment Bank, the European Regional Development Fund and a number of northern local enterprise partnerships.

Maven specialises in management buyouts and growth capital transactions in small and medium-sized firms, typically with investments of £2-10m. It currently has more than £280m in assets under management, which includes firms across a variety of sectors. The firm was initially the private equity arm of Aberdeen Asset Management before its senior executives led a management buyout to create an independent private equity business in 2009.

Maven also manages a £30m fund set up in 2009 for Capital for Enterprise as well as the £20m Greater Manchester Loan Fund and £94m Scottish Loan Fund.

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