Beechbrook opens Manchester office, appoints Ibex's Kenny

The office will oversee deployment of its maiden SME-focused credit fund, which reached a final close on £150m in February 2017. According to a statement issued by the firm, the fund has completed eight investments to date and is now 44% committed.

Beechbrook recently invested in business communications provider Plan.com and billing provider Infomedia, with capital drawn from its UK SME Credit vehicle.

The firm also appointed Ibex Capital's Kenny, formerly an LDC investor, as director to lead the new office.

Kenny leaves his role as director at Ibex after two years, having joined the firm from LDC in June 2015. He spent three years at LDC and has also held positions at Lloyds Banking Group and EY.

The opening of a new office forms part of Beechbrook's plans to increase its presence in the north of England.

UK private equity players and public bodies have increased their focus on the region in recent years. In February 2017, Dutch GP Waterland Private Equity Investments announced it was to open its first UK office in Manchester, and the British Business Bank launched its Northern Powerhouse Investment Fund (NPIF), appointing Maven Capital Partners to manage its £57.5m vehicle for the north-west. The following month, Lyceum Capital signalled its intention to boost its activity in the north, appointing former Montagu Private Equity's Manchester-based director, Anthony Greensmith.

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