At a glance
- The commitment is to Harwood Private Capital UK Fund II, which spans the fund's debt facility and co-investment vehicles, Alternative Credit Investor reported.
- For allocators screening the fund, the first fund's portfolio is the starting point for due diligence: digital technology, clean energy supply chains, manufacturing and tourism, including Welsh marina operator Western Marinas.
- The commitment takes the bank's total support for Harwood to £75m, after £35m into HPC UK SME Fund in 2020.
The British Business Bank has committed £40m to Harwood Private Capital's second SME fund, supporting a first close of a vehicle the manager says totals £120m.
The commitment is to Harwood Private Capital UK Fund II, which spans the fund's debt facility and co-investment vehicles, Alternative Credit Investor reported. The fund lends to smaller and lower mid-market private companies for expansion, acquisitions and shareholder transitions, with a particular focus on businesses that have not been backed by private equity.
For allocators screening the fund, the first fund's portfolio is the starting point for due diligence: digital technology, clean energy supply chains, manufacturing and tourism, including Welsh marina operator Western Marinas.
The commitment takes the bank's total support for Harwood to £75m, after £35m into HPC UK SME Fund in 2020. The bank has also been active in UK SME credit, most recently guaranteeing part of NatWest's £200m facility to card lender Capital on Tap, as Private Wealth Daily previously reported.
Reported by the Direct Lending desk from Alternative Credit Investor. Published . Corrections