Enterprise hires mezz head

Boutique microfinance provider Enterprise Ventures has appointed former Bank of Scotland executive Steward McCombe as head of its new £15m mezzanine fund.

Ex-corporate banker Steward McCombe has joined UK-based microfinance house Enterprise Ventures to lead the firm’s new mezzanine fund. He will be responsible for originating and closing new mezzanine deals on behalf of small to medium sized UK-based companies, the firm said in a statement.

Prior to joining Enterprise Ventures, McCombe spent more than 20 years with Bank of Scotland, before moving into the the not-for-profit sector in 2009 where he worked as a consultant and trustee for a number of charities.

McCombe will report to Enterprise Ventures chief executive Jonathan Diggines, and work alongside other key senior portfolio managers including investment director Will Clark, portfolio manager Richard Young, and investment manager Heather Roxborough.

The £15 million ($25 million; €18 million) North West Fund for Mezzanine is one of six funds managed by third party managers (in this case, Enterprise Ventures) and together comprise the £170 million North West Fund, an evergreen investment vehicle financed by the European Regional Development Fund and the European Investment Bank (EIB).