Octopus, Aberdeen chosen to manage state-backed fund

Octopus Investments and Aberdeen Asset Managers have each been chosen to manage a £30m government-backed Capital for Enterprise fund (CFE).

With a total size of £75m, the CFE fund is a measure introduced by the government to bridge the funding gap that many UK small and medium-sized businesses are experiencing as a result of the economic downturn.

Octopus will focus its investments on businesses based in the Southern part of the UK, while Aberdeen will look to companies from the North. The funds, which have no sector bias, will invest between £200,000 and £2m equity or quasi-equity per company. It will invest in businesses with existing cashflows, a strong management team, and growth potential.

All investee companies must be headquartered in the UK, as well as employ fewer than 250 staff and have a turnover of no more than EUR50m, according to the EU definition of an SME.

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