Pioneering £25m investment fund to support small and medium enterprises
A pioneering £25 million investment fund has been launched to help grow the industries of the future in the West Midlands.
The West Midlands Co-Investment Fund will provide up to £1m in equity to small and medium sized enterprises (SMEs) in sectors including green technology, advanced manufacturing, life sciences and creative and digital.
It has been formed through a partnership between the West Midlands Combined Authority (WMCA) and the West Midlands Pension Fund (WMPF), which have each put in £12.5m, and will be run by Midven over the next 10 years. The cash will be matched by private investors on a deal-by-deal basis.
West Midlands Mayor Andy Street said it was vital to improve access to finance for SMEs, which he said were the "lifeblood of our local economy".
He said: "We were the fastest growing region outside London in the decade leading up to the pandemic and we remain a hotbed of some of best companies and brightest minds.
"We have a wonderfully rich entrepreneurial legacy here in the West Midlands and the WMCA is determined to play its part in continuing that distinguished legacy in the months and years ahead."
Councillor Milkinder Jaspal, chair of the WMPF pensions committee, said the fund would enable businesses to maximise their potential" alongside generating growth to meet future pension benefits".
He added: "It will support the technological advances we need to transition to net zero and attract further investment into opportunities for driving positive change through innovation.
"As the first fund of its kind, it provides an example of the power of local partnership working together for businesses, jobs and our members across the region."
The WMCA says the fund could generate an extra £49m for the regional economy and create or secure nearly 800 jobs.
