Over £300m raised by Northern Gritstone as investor backed by major pension funds and metro mayors

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More than £300m has been raised by investment business Northern Gritstone after securing the backing of major pension funds and metro mayors.

The company, which focuses on backing university spin-outs and “IP-rich” firms in the North of England, has closed its latest investment round at £312m. More than £150m has been provided by South Yorkshire Pension Fund, West Yorkshire Pension Fund, Greater Manchester Pension Fund, Merseyside Pension Fund and East Riding Pension Fund. Additional investments have also been made from the metro mayors for Greater Manchester, West Yorkshire and South Yorkshire.

Chaired by Lord Jim O’Neill and led by chief executive Duncan Johnson, Northern Gritstone has also secured the support of a large number of leading institutional investors including M&G, Columbia Threadneedle, British Patient Capital (part of the British Business Bank), Lansdowne Partners and property investor Bruntwood.

In its fundraising Northern Gritstone was advised by Lazard Venture and Growth Banking led by Garri Jones. Its legal advisers are Macfarlanes and Pinsent Masons.

Lord Jim O’Neill said: “Our ability to raise funding on this scale highlights the support for the world-class science and innovation being developed in the North of England. Receiving the endorsements of asset managers, mayors and pension funds shows the broad appeal of Northern Gritstone’s offering. It is a show of faith in the potential for growth in the northern economy and a significant step in our development of a technology and innovation hub in the region.”

Mr Johnson added: “For too long, the North of England’s world-class research and innovation has not received the funding it deserves. Today’s announcement is a vote of confidence in both the region and our profit with purpose philosophy. Our deals have already generated nearly £100m of investment in the North, providing support to some of the country’s most promising businesses. Our investors’ backing will allow us to explore further opportunities across the wider northern venture ecosystem and stimulate growth and job creation in the region.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Over £300m raised by Northern Gritstone as investor backed by major pension funds and metro mayors

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Proposed conversion of Scunthorpe bingo hall among latest planning developments

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