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Stephen Campbell is a fund manager at Panoramic
British Business Investments has committed £30m to a fund manager focused on supporting smaller businesses in Northern Ireland, Scotland and the North of England.
The investment to the Panoramic SME III fund is part of a final close of £100m, allowing Panoramic to fund growth opportunities and management transitions for smaller businesses across the UK.
Panoramic in Glasgow is an established fund manager with a focus on Scotland, Northern Ireland and the North of England. It provides hybrid, debt and equity financing.
The fund manager said it would invest between £2m and £8m into companies that have achieved EBITDA of more than £500,000 in the previous year across a range of sectors.
The new fund will have flexibility in its capital structuring and will invest through a combination of equity and loan notes.
British Business Investments (BBI) is a wholly-owned commercial subsidiary of the British Business Bank. BBI has committed more than £3.3bn to providers of finance to UK smaller businesses since it was set up in 2014.
Panoramic partner Stephen Campbell, said: “In a tough fundraising environment, our ability to hit our hard cap of £100m is testament to our consistently strong track record and the business owners we have backed since our first fund launched in 2010.
“We are very grateful for the support of both our existing and new investors in the new fund, and we look forward to working with them as we now look to deploy capital.
“British Business Bank has been an investor in Panoramic funds since our inception and we are delighted that they have continued that journey with a £30m commitment to Fund 3.”.
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