The Panoramic SME III fund, based in Glasgow, has successfully closed with a total of £100 million, bolstered by a significant £30 million commitment from British Business Investments (BBI). This fund is set to provide a much-needed boost to smaller businesses across the UK, with a particular focus on Scotland, Northern Ireland, and the North of England.

Panoramic, an established fund manager, is renowned for its hybrid, debt, and equity financing solutions. It often serves as the first source of institutional capital for the smaller businesses it supports. The fund’s strategy encompasses a range of transactions, including management buyouts, replacement capital, and financing growth for ambitious business owners. Investments will typically range between £2 million and £8 million for companies that have achieved an EBITDA of over £500,000 in the previous year. The fund’s approach is partner-led, relying on a seasoned investment team dedicated solely to UK SMEs. The capital structuring of the new fund will be flexible, investing through a mix of equity and loan notes, continuing the successful strategy of its predecessor funds.

In related financial news, Reward Finance Group has been making significant strides in the Scottish market, emphasizing its commitment to acquisition, property, and infrastructure finance. Under the leadership of Brian Machray, the firm has showcased its prowess in these sectors, supporting businesses like Moda Ceramics and UK Rubber with substantial working capital facilities.

BBI, a commercial subsidiary of the government-owned British Business Bank (BBB), has a longstanding mission to enhance the supply and diversity of finance for smaller UK businesses. Judith Hartley, CEO of British Business Investments, expressed her enthusiasm for the partnership, emphasizing the importance of supporting SMEs, especially in regions like Scotland, Northern Ireland, and the North of England. Stephen Campbell, Partner at Panoramic, also highlighted the significance of reaching the £100 million mark, attributing the success to the firm’s consistent track record and the unwavering support of both existing and new investors.