WhiteRock Capital Partners LLP was established by Braveheart Investment Group and consortium partners 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.
Braveheart Ventures Ltd was formed in 1997 by four Scottish businessmen as an informal investment syndicate. In 2003, Braveheart Investment Group plc was incorporated, and subsequently acquired Braveheart Ventures Ltd. The transition towards becoming a recognised investment management company was completed in 2004 when Braveheart Ventures became authorised by the Financial Conduct Authority. In March 2007 Braveheart Investment Group plc became a listed company when its shares began trading on AIM. Soon after Braveheart boosted its portfolio with the acquisition of W L Ventures, which was subsequently renamed Caledonia Portfolio Realisations. A second acquisition was made in June 2009 when Braveheart purchased Yorkshire–based specialist investment business, Viking Fund Managers Ltd (formerly Inkopo Ltd), followed by a third aquisition, that of Envestors Ltd, the following year in October 2010.
In March this year Braveheart acquired Neon Capital Partners who is manager of the £48 million Finance Yorkshire Equity Fund. Braveheart was also appointed to manage the £50m Growth Loan Fund in Northern Ireland (in partnership with NEL and Clarendon) in May 2012 and formed WhiteRock Capital Partners to manage the Fund. Braveheart were also awarded the fund management contract for the £10m Lachesis fund, a University Challenge Seed Fund in August 2012.
The Group has grown steadily year on year and now comprises a combined management team of 27 with over £100m of funds under management. Service offerings include bespoke EIS portfolios, fund management, investment facilitation and management services.
The Group´s headquarters are in Perth and there are regional offices in Yorkshire, Jersey, Dubai, Barnsley, Leeds, central London and Belfast.
On 1 February 2013 Braveheart Ventures Limited was renamed Strathtay Ventures Limited.
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.