The organisation responsible for developing new investment funds for regional businesses has made a key appointment.

North East Finance (NEF) has recruited Alastair Smith as its new access to finance manager as it begins to shape a portfolio of funds that will meet the long-term finance needs of growing regional businesses.

Alastair joins NEF, which currently has over £50 million of venture capital funds under management including the Proof of Concept and Co-Investment Funds, from Muckle LLP where he worked as a corporate finance lawyer.

NEF is looking to build on these funds and has been tasked by the Regional Development Agency (One NorthEast) with developing new resources targeted at the equity ‘gap’ faced by entrepreneurs looking to raise up to £2million. A key part of this is structuring the £125 million pot of funding secured through the Joint European Resources for Micro to Medium Enterprises Initiative (JEREMIE).

Alastair will play a central role in creating a framework for this money to be invested successfully, designing a suite of funds carefully targeted at key sectors. He brings a wealth of experience to the role having worked for Scottish Enterprise - the Scottish Development Agency - and been involved in managing several major investment funds north of the border.

He explains: “I’ve swapped sides so to speak. Previously I was advising companies looking to access investment through the likes of the Proof of Concept and Co-Investment Funds. Now I’m going to be involved in developing new funds.

“As someone who has advised businesses seeking investment, I know how important these funds are in driving growth. At this time more than ever, there is a real need for new sources of funding to provide credit for ambitious companies.

“The finance we have available to invest through JEREMIE is a real opportunity for the region.  We need to get things right and the structures in place to take full advantage. It’s exciting and challenging to be involved.”

Karl Gardiner,  Business Development Director at NEF, said: “This is an important time for venture funds in the region and we’re delighted to have someone with Alastair’s experience and background on board.

“We have a strong track record in developing successful venture funds. NEF will be working closely with private and public partners to create new and lasting opportunities for North East business.”

For more information call 0191 211 2300

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