Palatine Growth Credit Fund has reached its first close of £75 million. The Fund will lend to high-growth UK companies in the Fintech sector as well as cyber, SaaS, Medtech/Healthtech, AI, and more. British Business Investments, a wholly-owned commercial subsidiary of the British Business Bank, backed the fund along with other local pension funds.
Adam Kelly, Managing Director of British Business Investments, said their mission is to improve access to alternative finance for smaller businesses across the UK.
The Fund has hired Ryan Sorby as a Partner. Partner Will Chappel will lead the strategy, with the new fund to begin investing in the next few months,
Chappel previously launched three growth credit strategies in the UK.
Chappel said they are looking forward to an active 2023.
“Despite much-documented economic headwinds, we know there is very strong market demand for funding to help established businesses accelerate their growth.”
Sorby is said to have worked extensively with small and medium-sized businesses, first as an adviser and more recently as a lender with Lloyds Banking Group and Boost&Co, added.
“We see enormous potential and appetite in the North of England and the Midlands, where there are many exciting tech companies coming to the fore, looking to scale at pace.”
