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Wales Fund Managers launches new fund to address equity gap

Wales fund Managers (WFM) is planning to launch a new fund, which will invest between £750,000 and £2m in growth businesses in Wales. The firm intends to raise between £15m and £20m.

The Cardiff-based firm believes that whilst smaller sums of around £500,000 can be obtained from financial institutions such as Finance Wales and investments in excess of £2m can be sourced from mainstream venture capitalists, an equity gap exists between the two.

‘We are currently in discussions with a number of organisations aimed at establishing a new fund for indigenous businesses with expansion plans, mainly in the £10m to £15m turnover bracket,' said WFM managing director Richard Harbottle.

WFM was set up in 1987 and has invested over £50m in 50 transactions and currently has four funds under management.

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