2 November, London, UK: Hambro Perks, a UK investment firm, has today announced the first close of the £100m Hambro Perks Growth Debt Fund. The investment team is made up of an experienced team of industry professionals with a long track record in European venture debt, led by sector expert David Hayers.
The new Fund will support UK and European high growth scale-up companies with non-dilutive growth capital, with a focus on B2B SaaS and patented hardware companies.
A number of high-profile investors have committed capital to the fund, with British Business Investments and Phoenix Group acting as co-anchors to the fund, and Foresters Friendly Society also joining the first close. Additional commitments have come from family offices and high net worth individuals.
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 £3 billion to providers of finance to UK smaller businesses.
The launch of the Fund comes after several years of strong growth by Hambro Perks, which has seen the raising and deployment of several new funds, including Hambro Perks Leaders fund, a pan-European Venture Capital fund, Access Fund II and Access Fund III, the second and third vintages of the firm’s innovative Venture Secondaries strategy, and Hambro Perks Environmental Technology Fund, which invests in emerging environmental technologies.
Dominic Perks, Co-founder and Chief Executive of Hambro Perks, said: “Following a period of strong and sustained growth by Hambro Perks, establishing a new venture debt franchise and launching our first fund is the obvious next step for the firm. Feedback from our investors and entrepreneurs alike is that venture debt is an underserved market within the UK and Europe, so we believe the new fund will hugely benefit the UK start-up ecosystem. We are grateful for the show of support from our investors and look forward to updating the market on the fund’s progress in due course.”
David Hayers Head of Hambro Perks Growth Debt, said: “I am excited to establish the new venture debt team at Hambro Perks. The firm is known for its innovative and pioneering work to support entrepreneurs and founders and I am delighted that myself and the team are a part of that.
“The growing market presents a strong opportunity for investors, especially in the current venture landscape. The new Fund will enable management teams and existing investors to accelerate growth without needing to commit more capital or introduce new investors. The fund is also a good hedge against inflation and the more cautious equity investment environment.”
Judith Hartley, CEO, British Business Investments, said: “Our commitment to Hambro Perks Growth Debt Fund will facilitate additional growth capital to scale-up technology and manufacturing businesses. British Business Investments’ mission is to increase the diversity and supply of finance for smaller businesses in the UK, and venture debt funds like Hambro Perks Growth Debt Fund, can help businesses across the UK to achieve growth without reducing control of their business.”
James Mitchell, Head of Strategic Partnerships and Market Research, Phoenix Group, said: “The Hambro Perks Growth Debt Fund present us with the opportunity to back some of the most exciting and fast-growing UK companies, via an experienced team. We are pleased to be able to support the venture debt strategy, and give our policy holders access to the asset class, while also supporting the growth of businesses in the UK and Europe.”
Corrado Pistarino, Chief Investment Officer, Foresters Friendly Society, said: “We are delighted to participate in the launch of the Hambro Perks Growth Debt Fund. This investment will establish Foresters' presence in some of the most vibrant sectors of the UK economy and will sit alongside a wide spectrum of innovative investment strategies that we have deployed in support of our members’ own financial plans and to the benefit of the wider community.”
David and the team join Hambro Perks from Virgin Money, where David led the bank’s successful venture debt team for over eight years and oversaw more than sixty debt investments by the team into high growth scale-up companies, establishing them as one of the most prolific venture debt investors in the UK.