Salica Closes £60m First Round for Growth Debt Fund II
Fidelity Investments has successfully closed the first round of its second growth debt fund, with commitments totalling £60m. The fund, which aims to deliver strong returns at lower risk than equity alternatives, has attracted investments from West Yorkshire Pension Fund and the British Business Bank, each committing £30m.
The fund, managed by a team with a combined 50 years of experience in venture and growth investing, will provide senior secured loans to innovative, high-growth companies across the UK. It will focus on software, IP-rich hardware, and advanced manufacturing sectors, with a regional focus throughout the UK.
Andrew Noyons, managing partner of Fidelity Investments, expressed delight in building on the success of Fund I with this larger successor fund. David Hayers, head of growth investing at Fidelity Investments, anticipates a second close later this year due to strong institutional interest.
With £60m already committed, the fund is well on its way to achieving its goals. Its focus on high-growth sectors and experienced management team make it an attractive option for investors seeking strong returns with lower risk in their investment basics.
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