WhiteRock Capital Partners LLP is comprised of consortium partners WhiteRock Finance Limited, NEL Fund Managers and Clarendon Fund Managers.
The Growth Loan Fund will provide loans, primarily unsecured in nature, of between £50,000 and £500,000 over the next 5 years to Small and Medium Enterprises (SMEs). Loans will be made to businesses that can demonstrate sales and profitability growth or growth potential. The Fund is targeting businesses with export potential which are mainly in the manufacturing, engineering or tradable services sectors.
The Fund is run on a fully commercial basis. Finance for the Fund has been provided by Invest NI (£25m), partly through the European Regional Development Fund, with additional finance provided by the private sector.
WhiteRock Finance Limited was formed in 2015 by the Senior Investment Management team of WhiteRock Capital Partners LLP in order to successfully buyout a previous partner.
The team is comprised of experienced finance professionals each of whom are chartered accountants who have been responsible for sourcing, evaluating and delivering all funding opportunities executed by the Growth Loan Fund to date.
Together the management team have over 40 years financial experience having previously worked in Big 4 accounting practices and national banks providing auditing, corporate finance and corporate/business banking services.
NEL Fund Managers Ltd is an independent fund management company which provides financial products to small and medium-sized businesses based in the North East of England.
Originally set up in 1989, NEL is the North East’s most active investor and has managed eleven equity and mezzanine funds with a combined value of over £90m, including the new £20m Finance for Business North East Growth Fund.
NEL has invested in over 200 regional companies in the last five years alone, with hundreds of companies and thousands of jobs being supported in every part of the region.
Both early and late stage capital investments are available from NEL, according to investees’ needs. Alongside large numbers of investments in traditional industries, an increasing number of technology investments have also been made in recent years as the region’s knowledge economy has expanded and thrived.
NEL is always looking to support North East companies with strong management teams and robust business plans for the future.
Clarendon Fund Managers Ltd is venture capital fund manager based in Belfast, who is authorised and regulated by the Financial Conduct Authority. Clarendon manages £20m of regional VC funds in Northern Ireland including £13m of fully invested funds (Viridian Growth Fund and Nitech Growth Fund) and the recently established Co-Fund NI, a £7.2m fund that will co-invest with business angel/private investor led deals which, matched to the private investment on a deal by deal basis, equates to a £16m Fund.
It is the appointed fund manager for the Viridian Growth Fund LP, established in August 2001 and also manages the Nitech Growth Fund LP, which was established in February 2003. Both these funds have an investment focus on innovative SMEs based in Northern Ireland but are closed for new investments.
Clarendon has invested over £12m in 28 companies from the three funds under management, alongside almost £70m from syndicate partners. Investments cover a wide range of sectors including ICT, medtech, biotech, digital media and renewable energy.