Osborne Clarke in Bristol advises Foresight Group on first close of its Foresight Scotland Fund
Lawyers at Osborne Clarke in Bristol have advised Foresight Group on the first close at more than £60 million of its new Foresight Scotland Fund.
Foresight is a leading listed regional private equity and infrastructure investment manager and the new fund is dedicated to investment in Scotland. This is Foresight’s seventh regional fund on which Osborne Clarke has advised and its second dedicated to Scotland, having launched the £32 million Foresight Scottish Growth Fund with the support of the Scottish Government in 2019.
The fund will target debt and equity investments of £1 million to £5 million in established SMEs with growth potential. It will be managed by Foresight’s collegiate private equity team, with growth of the existing team in Scotland.
The fund will support the local Scottish economy and deliver a positive social impact across Scotland, creating high-quality, local jobs. Since 2016, Foresight’s regional funds have created thousands of jobs in regions throughout the UK. The fund will also enable companies to achieve their growth potential. Notably, during the summer of 2022, Foresight exited Edinburgh-based Codeplay, generating a 16x return for investors.
Foresight is one of the most active investors in small and medium-sized businesses in the UK and Ireland, providing flexible funding and partnering with companies across all sectors and deal stages. In 2022, Foresight made 94 investments into SMEs and delivered eight successful exits.
The Osborne Clarke UK funds team was led by Bristol-based partner Helen Parsonage. She was assisted by senior associate Lizette Hunter, associate Nick Kristensen and partner Erika Jupe (tax).
Matt Smith, partner at Foresight Group, said: “We are very pleased to be launching this Fund. We look forward to delivering a positive impact and working with exciting growth SMEs throughout Scotland to create value and jobs. The Fund reflects our commitment to the Scottish market, where we believe there is a funding gap for the provision of capital and expertise to smaller companies. We look forward to strengthening our ties with the local business community and further building our local team.”
Daniel Halliday, director at Foresight Group, commented: “We are delighted to be able to increase our commitment to the Scottish market. We continue to see an excellent opportunity to invest in Scotland, supporting the vibrant SME community that has historically been underserved by professionally managed capital. We look forward to growing our local team, building on the good work since establishing our office in 2019.”
