Mercia adds c.£80million of managed funds inflows

Mercia Asset Management PLC

02 May 2023

 

RNS	2 May 2023

Mercia Asset Management PLC

("Mercia", the "Group" or the "Company")

Mercia adds c.£80million of inflows across its managed funds

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.4billion of assets under management, is pleased to announce continued inflows into its existing managed funds and successful new fund raises, together totalling c.£80million.

The recent inflows across Mercia's managed funds were as follows:

·    Frontier Development Capital ("FDC") continues to grow following its recent acquisition by Mercia, with an additional £30.0million raised for its FDC Debt LP fund

·    £18.0million has been raised by the Northern Venture Capital Trusts

·    Mercia's latest Knowledge-intensive Impact Enterprise Investment Scheme fund raised £13.6million

·    The Mercia-managed Northern Powerhouse Investment Fund received £10.3million of additional equity allocation from the British Business Bank

·    The Mercia-managed Midlands Engine Investment Proof-of-Concept Fund received £8.5million of additional equity allocation from the British Business Bank

As at 31 March 2023, Mercia had £37.8million of unrestricted cash on its balance sheet and no debt. The Group also continues to have significant liquidity within its managed funds to support both existing and new investee companies.

Dr Mark Payton, CEO of Mercia Asset Management PLC, commented:

"Two things stand out from these new inflows: our ability to raise additional funds from across our different pools of capital, and our ability to do this during a difficult fund raising period in the UK. Together, these new inflows highlight the strength of the Mercia model, and the investor confidence we have built through our investment track record.

"It is also pleasing to see FDC immediately making a positive impact as part of the Group, following its successful integration. As a debt-free Group, we are in a robust position from which to support our existing portfolio companies and identify new opportunities, as Mercia builds on its position as a leading, regionally based, partner of choice for ambitious entrepreneurs."

 -Ends-

For further information, please contact:

Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk	[phone]
Canaccord Genuity Limited (NOMAD and Joint Broker)	[phone]
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker)	[phone]
Harry Gooden, James Moat
FTI Consulting	[phone]
Tom Blackwell, Immy Ransom
[e-mail]

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, university partnerships and extensive personal networks, providing it with access to high-quality deal flow.

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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