Endless launches £10m SME-focused fund

Alice Murray
16 December 2013

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UK turnaround house Endless has launched a £10m fund targeted at SMEs and structured to take advantage of the Enterprise Investment Scheme (EIS).

The new fund, named Enact, has been set up in reaction to the continued lack of funding available from traditional sources such as banks for smaller businesses. Furthermore, Endless believes this business segment is increasingly being neglected by private equity as the asset class seeks larger businesses to invest in.

Investments
Enact will target small to medium-sized companies, specifically with 250 employees or less. It will seek to invest in companies in need of liquidity, or facing strategic or operational issues. It will invest up to £2m of equity in each deal. The fund will consider companies in any industry sector or region, providing they meet the EIS qualifying criteria.

Investors
The fund is already 75% committed, which includes a cornerstone investment from the Endless team.

People
Enact will operate an advisory board comprising Wayne Bowser, who spent 40 years at HSBC; Tim Whitworth, founder of fashion retailer Republic; Stuart Counsell, former managing partner at Deloitte; and Danny Mills, former England international and Premiership footballer.

Gary Wilson is managing partner at Endless.