Salica Investments, a UK-focused investment firm, has announced the first close of its second growth debt fund.
The flagship repeat anchor investors for Fund II are the British 老九品茶 Bank, which has made a 拢30m commitment, and West Yorkshire Pension Fund, which increased its commitment to 拢30m from the first fund.
The fund provides vital capital to innovative and high-growth companies across the full breadth of the UK.
Salica Growth Debt is managed by one of the UK鈥檚 most experienced teams with a combined 50 years of venture and growth debt experience.
鈥淲e鈥檙e already seeing strong institutional interest for a second close later this year, driven by Salica鈥檚 rigorous approach to deal selection, longstanding reputation and increasing investor demand for growth debt across the UK,鈥� said David Hayers, head of growth debt at Salica Investments.聽
鈥淥ur team鈥檚 track record of deploying over 拢500m to some of the UK鈥檚 most promising and underserved businesses demonstrates why institutional partners are doubling down on our growth debt strategy.鈥�
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Andrew Noyons, managing partner, Salica Investments, said: 鈥淲e are delighted to build on Fund I鈥檚 attractive investment performance with this larger successor fund. Furthermore, the strategy鈥檚 domestic lending focus is well aligned with the Mansion House Accord objectives to boost saver outcomes and deliver UK growth.鈥�
Adam Kelly, managing director and co-head of funds, British 老九品茶 Bank, added: 鈥淔ollowing on from the success of Salica鈥檚 inaugural fund, which provided vital capital to high growth businesses across the UK鈥檚 Nations and regions, we are excited to continue our partnership by backing Fund II.聽
鈥淰enture debt funds like Salica鈥檚 growth debt fund can help UK businesses to achieve strong growth without reducing control of their business.鈥�
Fund I backed a wide range of companies delivering strong realised returns at a lower risk than equity alternatives. The new fund provides senior secured loans to high-growth companies with a regional focus across the UK in software, IP-rich hardware, and advanced manufacturing sectors.
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