British Business Bank Investments Ltd invests £30 million in first close of CORDET Direct Lending fund
New fund commits £60 million to growing UK businesses
British Business Bank Investments Ltd, the commercial arm of the British Business Bank, today announces that it has invested £30 million (€38 million) in the first close of CORDET Direct Lending, a new debt fund focused on smaller mid-cap businesses.
The Fund, which will offer direct lending and private debt solutions, has held its first close at approximately €200 million and is targeting a final close of €600 million within the next year. CORDET has committed to invest at least £60 million (€78 million) in UK smaller mid-cap businesses with turnover below £100 million pa.
The importance of mid-cap businesses to the UK economy was recently highlighted in the British Business Bank’s Small Business Finance Markets Report 2015/16. It showed that there are around 10,000 mid-cap businesses in the UK, contributing £875bn turnover and employing 4.5m people. The report also demonstrated the increasing importance of debt funds as a source of finance, particularly for mid-cap businesses.
Keith Morgan, Chairman of British Business Bank Investments Ltd, said:
“Our investment in the first close of CORDET Direct Lending will help increase the diversity and supply of finance to small and mid-sized businesses across the UK. Our research has shown that approximately 80% of mid-sized UK firms are looking to grow in the next year and this substantial new fund will help high-growth businesses across the country access the finance they need to scale and grow.”
Jakob Lindquist and Magnus Lindquist, Co-Managing Partners of CORDET Capital Partners LLP, said:
“We are proud to have such dedicated and strong support from our investor base and to have achieved this important milestone in the firm’s development. We look forward to growing the business and our investor base further”.
For further information please contact:
For British Business Bank Investments Ltd:
Scott Shearer, Scott.Shearer@british-business-bank.co.uk
Nick Taylor, Seven Hills, +44 20 7199 6185, Nick.Taylor@wearesevenhills.com
For CORDET Capital Partners LLP:
Jakob Lindquist: +44 (0) 78 6767 0770; firstname.lastname@example.org
Magnus Lindquist: +46 (0) 73 316 0963; email@example.com
About British Business Bank Investments Ltd
British Business Bank Investments Ltd is the commercial arm of the British Business Bank. It invests through providers of finance to smaller businesses and small mid-caps, pursuing investments on a fully commercial basis without receiving any advantage from the government.
British Business Bank Investments Ltd is a wholly owned subsidiary of British Business Bank plc, the UK government’s economic development bank. Neither entity is authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).
British Business Bank plc and its subsidiary entities are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The Business Finance Guide, jointly published by the British Business Bank and the ICAEW, is a unique guide that sets out the full range of options available for smaller businesses looking to raise finance and offers advice to help companies plan for growth.
CORDET Capital Partners LLP is an independent credit specialist founded in 2013 by a group of financial industry leaders with the aim of providing private debt and alternative funding solutions to mid-market companies in Northern Europe while also addressing the need of many institutional investors for attractive risk-adjusted core income-focused credit investment returns.
CORDET’s team originates, evaluates and structures its debt investments locally through offices in London and Stockholm and seeks to develop and maintain long-term and sustainable partnerships with borrowers, banks, intermediaries as well as business owners such as financial sponsors and entrepreneurs.
CORDET Capital Partners LLP is authorised and regulated as a full-scope Alternative Investment Fund Manager (AIFM) by the Financial Conduct Authority. CORDET Capital Partners LLP is not registered as an investment adviser under the U.S. Investment Advisers Act of 1940.
Advisers to CORDET
CORDET is using King & Wood Mallesons and Mannheimer Swartling as legal advisers, Lazard Private Fund Advisory Group as global placement agent and Arbour Partners as strategic adviser.