Durham appoints Maven as $25m fund manager
Posted on 22 March, 2017 by Thierry Heles, editor
Business Durham, the economic development arm of the Durham County Council, has named Maven Capital Partners as the manager of a $25m fund.
VC and private equity firm Maven Capital Partners has been put in charge of a £20m ($25m) investment fund created by Business Durham, the economic development company of Durham County Council, Tech City News reported on Monday.
Maven will make individual commitments of £10,000 to £2m to up to 70 companies based in County Durham, located in north east England.
The fund is expected to begin operations in May 2017 and focus on various sectors. Approximately 10% of the fund’s capital has been allocated to startups and proof-of-concept businesses.
Maven will look to tap into the local ecosystem, which includes Durham University, to identify opportunities.
Simon Goon, managing director of Business Durham, said: “We have taken great pride in helping entrepreneurs turn bright ideas into successful businesses and I truly believe this commitment of £20m will be seen as a transformative move because access to finance has historically been a real issue for businesses in the north east.
“I have no doubt that it will go a long way to address this issue and help businesses create jobs and add to the economic prosperity to the county.”
See more from this Government Report: UK
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