British Business Investments announces £20m fund for Beach Point Capital Management
British Business Investments announced a £20m commitment to funds managed by Beach Point Capital Management (Beach Point).
Beach Point has successfully run funds in the United States and Ireland and is now expanding into the UK market. This commitment by British Business Investments will enable Beach Point to make investments of between £2 million and £5 million to smaller UK businesses with high growth ambitions.
Beach Point will invest across all regions of the UK, though will particularly target Northern Ireland, where it is intended that a minimum of £10 million will be invested, and the North of England and Scotland, where Beach Point has a strong adviser network.
British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, aims to increase the supply and diversity of finance for smaller businesses across the UK by boosting the lending capacity of a range of finance providers. Since it was established in 2014, British Business Investments has committed more than £3bn to providers of finance to UK smaller businesses.
Judith Hartley, CEO, British Business Investments, said: “British Business Investments is committed to ensuring smaller businesses across the UK can access as diverse a range of finance options as possible, to help them grow and succeed. This commitment to Beach Point Capital Management helps to diversify the finance market and targets regional investment across the UK, unlocking growth for smaller businesses and reducing regional imbalances.’’
Shane Lanigan, Portfolio Manager, Growth Lending, Beach Point Capital Management, said: “We are excited to build on our success in Ireland by expanding our efforts to support entrepreneurs and their growing businesses across all regions of the United Kingdom.
“Now, more than ever, these companies are in need of bespoke, non-dilutive sources of financing to fund their growth and operations and in turn drive employment and economic expansion across their communities and the country. We look forward to doing just that, while also seeking out compelling investment opportunities for our clients, such as British Business Investments.”