Maven appointed manager of GMLF

The fund's main objective is to safeguard jobs, as well as create new ones in the area. The vehicle will invest over a five-year period.

Maven is already the manager of two similar funds. The £113m Scottish Loan Fund and the £35m Capital for Enterprise Fund A, the latter of which is UK government-backed. Both provide financing to SMEs operating in specific locations.

Investors
The Regional Growth Fund (RGF) and the Association of Greater Manchester Authorities are cornerstone investors of the fund. RGF, a £3.2bn government-funded vehicle, supplies grants or loans to SMEs via national or local organisations that have been awarded capital from the fund. The vehicle, launched in 2011, will actively deploy capital until 2017.

According to a document on the Stockport Metropolitan Borough Council (SMBC) website, the RGF committed £2m to the fund and the Manchester City Council planned on lending the vehicle between £12-14m, subject to due diligence.

The fund's LP base also includes private investors.

Investments
The GMLF will provide £100,000-500,000 in loan notes to revenue-generating SMEs in the Greater Manchester area. The finance packages will be provided in order to allow businesses to achieve growth plans and protect jobs. The funding will be supplied to businesses that are unable to secure debt financing from banks or capital from investors, according to SMBC.

People
Ryan Bevington is an investment director at Maven.

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