Gov't-backed growth equity fund launched

21 September 2009

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Fund

Panoramic Growth Equity, a new Enterprise Capital Fund (ECF) targeting later stage businesses in the UK, has launched after a £21.7m commitment from government-backed Capital for Enterprise. The vehicle, which aims to close on £32.5m in the fourth quarter of 2009, is structured as a traditional 10+2 year LP based in Edinburgh.

The minimum subscription for the fund is £500,000 and terms and conditions are industry standard. The three partners of Panoramic, Stephen Campbell, David Wilson and Malcolm Kpedekpo will contribute a 'significant amount' to the fund. HBJ Gateley Wareing provided legal advice.

Investors

Private investors in the fund will likely comprise of high net worth individuals, pension funds and possibly some corporates, which will be based both in the UK and overseas. As a result of the ECF structure, private investors benefit from a significantly higher proportion of profits compared with a traditional fund structure.

Investments

The vehicle will look to make growth capital investments of £500,000-£2m in later-stage SME companies that have established cash flows and a track record for growth.

Panoramic Growth Equity is a generalist fund with a specific focus on energy, water, business services and media and communications sectors. The fund expects to make three to four investments per year and hopes to close its first deal in early 2010.

People

Partners Stephen Campbell, David Wilson and Malcolm Kpedekpo are the managers of Panoramic Growth Equity, operating from the firm's office in Edinburgh. The fund expects to add one or two people to its team in the next year.

Name: Panoramic Growth Equity

Focus: Development capital, generalist

Target: £32.5m

Contact: Stephen Campbell

Address: Panoramic Growth Equity LLP

Conference House

The Exchange

152 Morrison Street

Edinburgh

EH3 8EB

Tel: +44 131 516 9890

Advisers