Enterprise Ventures appoints new mezzanine fund manager

Ellie Pullen
31 May 2013

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Enterprise Ventures has hired Stewart McCombe to manage the firm’s £15m North West Fund for Mezzanine, which is part of the £185m North West fund.

McCombe will join the GP following a four-year stint working in the not-for-profit sector, specifically as a trustee and consultant to a group of charities.

Prior to this, McCombe worked as a corporate banker with the Bank of Scotland for more than 20 years. Despite his career change, he continued to work as a coach for businesses in the north west region through the firm Winning Pitch, a specialist in coaching high-growth SMEs.

McCombe stated that he will find the role of a mezzanine fund manager "hugely satisfying" as it will allow him to finance SMEs in the region with the aim of creating jobs and generating wealth.

The North West Fund for Mezzanine was announced by Enterprise in February this year. The fund provides £750,000-2m in mezzanine loans to revenue-generating businesses in the region.

The vehicle is part of the North West fund, an evergreen fund that raised £185m and began its investment period in December 2010. North West acts as an umbrella fund for six vehicles in total and also includes the £30m North West Fund for Venture Capital, which closed in June 2010.