NPIF exceeds £300 million investment milestone

The Northern Powerhouse Investment Fund (NPIF) has now invested over £300 million into businesses in the North of England, as well as supported a further £400 million in co-investment from the private sector.

The fund was established in 2017 to address an imbalance in investment activity and access to finance in the region compared with other areas of the UK, and has so far support 952 businesses with 1,280 investments. The fund has provided £122 million in equity finance, £162 million in debt finance and £19 million in microfinance.

The most active sector for NPIF investments to date has been advanced manufacturing, with support provided to companies working in a dynamic range of sectors, from renewable energy and ecommerce, to technology, media and telecoms and health and life sciences.

The news that the NPIF has reached this latest milestone comes just three months after a further £660m in government funding has been allocated for the latest phase of the fund.

Catherine Lewis La Torre, CEO of British Business Bank, said:

“The Northern Powerhouse Investment Fund is an important source of funding for hundreds of businesses across the North of England. Through improved access to finance, these investee businesses have been able to realise their growth plans, create jobs and achieve their full potential. We have built an incredible network of partners and stakeholders across the region which will underpin the launch of our next generation Investment Fund, which we view as a vital step in delivering a stronger north.”

Sir Roger Marsh OBE DL, chair of the Leeds City Region Enterprise Partnership, NP11 group of Northern LEPs and NPIF Strategic Oversight Board, said:

“There have been countless success stories in the NPIF portfolio to date, with organisations of all sizes and sectors enlisting the support of fund managers, Local Enterprise Partnerships and other regional stakeholders.

“The first NPIF has been a resounding success and hugely important tool to many of the exciting businesses we have here. With the recent announcement of the NPIF’s successor, which will also include the North East LEP area, this will inevitably help us build an environment where businesses continue to thrive.”