Advising Praetura Ventures on £100m Northern Powerhouse NW Equity Fund

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Gateley Legal

We have advised Praetura Ventures as fund manager in respect of the constitution, structuring and establishment of the second generation of the Northern Powerhouse equity investment fund in the North West, established to support the growth of SMEs across the region.

The Northern Powerhouse Investment Fund II (NPIF II) has been launched by the British Business Bank (BBB), the Government’s economic development bank, in partnership with a number of funders to improve access to finance by providing early stage funding to small business based in the North West, North East, Yorkshire and the Humber and Tees Valley.

A total of nine fund managers across the North have been appointed by BBB with venture capital firm Praetura Ventures looking to provide up to £5m to businesses in the North West.

Paul Jefferson, Head of Private Equity and Manchester office head at Gateley Legal, assisted by Beth Wardle, advised Praetura Ventures on the constitution and structuring of the £100m equity fund.

David Foreman, MD and Co-Founder at Praetura Ventures, said; “As has been the case for over 10 years, Paul and the entire Gateley team, represented Praetura exceptionally.

“In particular, towards the end of the transaction, Paul went above and beyond to resolve a hugely challenging requirement in respect of documentation, which enabled us to close the Fund on time.

“Louise and I are delighted to have worked with Gateley on this project.”

Paul Jefferson, added: “We are delighted to have advised Praetura Ventures on this fund, which is a significant milestone for them as they continue to grow their presence and build on their enviable track record in supporting growing SMEs across the North of England.

“The size of Fund II and its greater geographical reach means even more of the North’s most innovative and aspirational SMEs will have the opportunity to evolve and deliver sustainable growth across the region.”

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