Cardiff based WestBridge Fund Managers the private equity firm stated on Wednesday that has been able to raise over £10m towards its £50m fund for SMEs.
WestBridge is now focused on its third phase of fundraising that aims to secure institutional investors before the final fund closes within the year. The first close was much higher than its projection figure which was £10m.
In addition, WestBridge has been able to boost the growth of businesses within Wales by proving equity opportunities for two well established and profitable SMEs. The first investment from the new fund may be signed off on for £2m by the close of November.
Outside of receiving backing from multiple high net worth individual investors, the company has also been able to receive a high cornerstone investment from an unknown institution that has not been named.
Half the contributing investors have been secured and identified at this point.WestBridge is also working alongside Saltus Partners and Castle Court Consulting.
Chief executive of WestBridge Guy Davies stated that he is delighted the company was able to reach its first target and now that they have a cornerstone investor the company will move into the final phase of fundraising and are already talking to a handful of potential institutional investors.
Davis continued to say that their investor base comes from both businessmen and women and that the club population continues to increase every month as investors are looking for strong returns and the benefits of belonging to a network.