Palatine raises £75m for growth credit fund in first close
Palatine has raised £75m so far for its debut growth credit fund, launched at a time an increasing number of tech firms turn to debt funding to finance their growth.
Palatine Growth Credit fund has held its first close following commitments from British Business Investments, a subsidiary of the British Business Bank, and several local authority pension funds.
The group has also announced the appointment of Ryan Sorby as partner, who will work alongside lead manager Will Chappel.
Sorby joins the firm from Lloyds Banking Group.
“We see enormous potential and appetite in the North of England and the Midlands, where there are many exciting tech companies coming to the fore, looking to scale at pace,” Sorby said.
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The new fund will being investing in the next few months.
“We are looking forward to a very active 2024 as the Growth Credit Fund makes its first investments and continues to grow the team alongside myself and Ryan, who brings an outstanding track record and long standing relationships in the North West and Yorkshire markets,” Chappel commented.
“Despite much-documented economic headwinds, we know there is very strong market demand for funding to help established businesses accelerate their growth.”
The fund is available to professional investors.
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