Maven Capital Partners will manage two separate entities for the Midlands Engine Investment Fund, a debt fund, the firm has announced. Together, the two entities represent approximately £90 million ($116 million; €98 million).
According to the announcement, UK-based Maven will manage £50 million invested in the West Midlands and £40 million invested in the East and South East Midlands. The firm is also planning additional hires to help with the mandate.
A spokeswoman for Maven told PDI the fund has a lifespan of 10 years. The firm aims to make approximately 10 hires to aid with its management.
Maven has similar mandates managing other regional development funds in the UK. This includes mandates within the Northern Powerhouse Investment Fund, Finance Durham Fund, Greater Manchester Loan Fund and Scottish Loan Fund, the spokeswoman noted.
The firm declined to provide a definitive figure for performance targets. It did, however, note that it’s aiming to have all the loans it makes repaid while also seeking to meet non-financial objectives like creating jobs through its investments.
Maven, headquartered in Glasgow, manages approximately £400 million in assets.