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UK - Appointment of two new enterprise capital funds announced by Department of Trade and Industry

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The Department of Trade and Industry has announced the appointment of a further two new Enterprise Capital Funds (ECF). These new Funds join the two ECF Funds announced at the time of the budget. This initiative is aimed at increasing the amount of new private investment and government funding available to fast growing small and medium sized businesses in the UK.

Seraphim Capital has been appointed to manage one of the new ECFs. It is a consortium of business angel networks and corporate venturers across the UK which has £20m backing from the government and £10m in private funding. Seraphim's choice of an 'angel-led' structure for its fund reflects the fact that each investor wishes to be party to the investment decisions, in contrast to most conventional managed fund schemes. The fund is based in London and will invest with business angels in rounds of approximately £1m from September 2006 over a five year period.

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