Private equity outfit Maven manages the £96m Northern Powerhouse Investment Fund and has now opened a base in Liverpool city centre. Tony McDonough reports
Private equity investor Maven Capital Partners has opened a new office in Liverpool’s commercial district.
Maven manages the £96m Northern Powerhouse Investment Fund (NPIF) and has already injected more than £8.5m into 12 businesses in the Liverpool city region. Its new base is in Avenue HQ at No 4 St Paul’s Square.
Paul Leyland, investment manager for the Liverpool city region on behalf of NPIF Maven Equity Finance, said: “Having delivered 12 growth capital investments into the Liverpool city region over the last four years and seen an increased amount of deal activity, it is clear that establishing a presence here was a logical next step.
“Liverpool has a vast community of owner-managed businesses supported by outstanding professional advisers, however a very small number of equity providers are based here. Establishing a presence in Liverpool will help unlock significant investment into the region.”
Investments into local businesses made by the NPIF – Maven Equity Finance fund include RedWigWam, which has developed a recruiting platform that connects flexible workers to employers. It was founded four years ago by serial entrepreneur Lorna Davidson.
International chemical technology business, Liverpool ChiroChem (LCC), also received backing from NPIF – Maven Equity Finance. Since it was founded in 2014, LCC has produced products that support global pharmaceutical companies during the drug discovery process.
The NPIF investment is supporting the business as it grows its UK operations and will help provide the capacity required to deliver new projects with other global specialists in the pharmaceutical sector.
Mark Basnett, managing director of Growth Platform, the city region’s business growth agency, said: “By helping innovative and ambitious companies grow and invest the Northern Powerhouse Investment Fund has had a fantastic impact on unlocking business potential and creating jobs in the city region.
“Having a dedicated office here now means our local businesses will have the necessary help, both in terms of the initial investment process and the ongoing support they need to be able to sustain and grow.”
NPIF is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.