UK - AFM announces conclusion of MSIF Funds

The group invested a total of £24.9m in the nine month period to December 2008, an increase of £7.3m on what was invested over the whole of 2007. This represents the conclusion of the £56m European Regional Development Fund element of the MSIF funds, which is now fully invested. The MSIF Funds were created through the ERDF Objective One Programme, which finished on 31 December 2008.

AFM has negotiated an extension to some existing facilities totalling £4.6m, allowing the fund to continue to provide loans to businesses until March 2010. The Mezzanine Fund 1 and Small Firms Fund 1 and 2 have fully repaid all of their facilities and are making distributions from profits to all of their investors, including MSIF, which has established a successor fund that currently stands at £3m and will continue to grow with further realisations.

The portfolio created through the MSIF Liverpool seed fund, the most recent fund that was launched in 2005, is anticipated to begin to make returns over the course of the next two to five years.

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