British Business Bank commits another £30m to Beach Point Capital
The British Business Bank (BBB) has increased its commitment to Beach Point Capital UK’s SME lending fund to £50m.
The BBB previously backed the fund in July 2022 with a £20m commitment. Beach Point Capital UK was initially targeting a minimum of £10m to be invested in Northern Irish small and medium-sized businesses. It has so far instead invested £16m, with another £3m committed.
In total, the fund has invested into 26 businesses, with a particular focus on Northern Ireland, Scotland and the North of England.
“By increasing our commitment, we can continue to back high growth businesses across the UK’s Nations and regions, address regional imbalances and drive employment and economic expansion across the whole of the UK,” said Adam Kelly, managing director and co-head of funds at the BBB.
Read more: British Business Bank supports £6.8bn of SME finance in 2024/25
Shane Lanigan, portfolio manager at Beach Point Capital UK, added: “This additional funding will help us to address the equity gap and provide flexible capital at critical moments in SMEs’ business journeys.”
Beach Point Capital, founded in 2009, has over $19bn in assets under management. After running funds in the US and Ireland, the firm expanded into the UK market in 2022.
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