The Manchester-based private equity firm behind the likes of Mowgli Street Food has announced the first closure of one of its funds at £65m.
Foresight Group, the listed infrastructure and private equity investment manager, has closed the Foresight Regional Investment III LP, which is cornerstoned by the Greater Manchester Pension Fund, with support from Clwyd and Merseyside Pension Funds.
Foresight currently manages five regionally-focused investment funds, notably raising the £100m Foresight East of England Fund (Foresight Regional Investment II LP) in 2019, which applies this same strategy in the East of England, through an evergreen structure.
The fund will be managed by Foresight’s collegiate nationwide private equity team, with growth in Foresight’s Manchester office planned to support the deployment of the fund.
The fund will provide the platform from which Foresight can provide both capital investment and expertise to support development of sustainable, socially conscious small businesses in the region.
James Livingston, partner at Foresight, said: "We are delighted to be welcoming both new and returning investors to the Fund, which will continue to address the gap in the market we have demonstrated with its predecessor fund.
"We look forward to supporting the growth of smaller companies across the targeted region."
Director Claire Alvarez added: "Over the last five years, we have worked closely with the local community to invest in a range of companies, backing excellent teams and their sustainable growth plans.
"The impact of our activities on the local market is clear and we look forward to continuing this success with this fund."
Osborne Clarke acted as legal counsel to Foresight Group.
