British Business Investments says it has committed £30 million to the Panoramic SME III fund as part of a final close of £100m. British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank.
Glasgow-based Panoramic was launched in 2008, becoming a top investor in UK-based SMEs. The Panoramic Enterprise Capital Fund 1 closed in March 2010 and was said to be oversubscribed at £34 million. Panoramic Growth Fund 2 closed in April 2016 and was oversubscribed at £65 million. With the launch of Fund 3, assets will now be around £200 million.
Panoramic is usually the first source of institutional capital for the smaller businesses it funds.
According to British Business Investments, Panoramic will invest between £2 million and £8 million into companies that have achieved EBITDA of more than £500,000 in the prior 12 months and will invest across a range of sectors.
Judith Hartley, CEO of British Business Investments, commented on the funding:
“At British Business Investments, our mission is to increase the overall supply and diversity of finance for smaller businesses across the UK. Following the British Business Bank’s earlier support to Panoramic, we are pleased to be making this commitment through British Business Investments. Our commitment to Panoramic will help more UK smaller businesses, particularly in Scotland, Northern Ireland and the North of England, to access the capital they need to grow and succeed.’’
Stephen Campbell, Partner at Panoramic, noted that it is currently a difficult funding environment and they are grateful for their investors in the new fund.
“British Business Bank has been an investor in Panoramic funds since our inception and we are delighted that they have continued that journey with a £30 million commitment to Fund 3.”
