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Pioneering £25 million investment fund launched to help grow West Midlands' industries of the future

22 March 2023
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​A ground-breaking investment fund has been launched by the West Midlands Combined Authority to provide innovative businesses with equity of up to £1 million, helping them to expand and grow the region’s industries of the future.

The West Midlands Co-Investment Fund, totalling £25 million, has been set up in partnership with West Midlands Pension Fund to support SMEs in the region.

Investments will be focussed on SMEs that offer high-growth potential and the ability to help supercharge the regional economy.

The investment partnership will look to invest in SMEs across a variety of sectors including green technology, advanced manufacturing, life sciences and creative and digital, helping them to scale up operations.

The WMCA is putting £12.5 million into the fund and this is being matched by West Midlands Pension Fund. It will be managed by Midven, part of Future Planet Capital, through an investment team.

Operating over a 10-year period, the fund will focus on bringing new private investor money to the region and, using a co-investment model, will invest alongside business angels and other private sector investors on a minimum £1 to £1 basis.

Andy Street, Mayor of the West Midlands and WMCA chair (pictured) said: “SMEs are the lifeblood of our local economy so it’s vital that we improve their access to the finance they need to advance. These are exactly the sort of businesses that will help power our regional recovery and future prospects.

“We were the fastest growing region outside London in the decade leading up to the pandemic and we remain a hotbed of some of best companies and brightest minds.

“That’s why, together with the West Midlands Pension Fund, we’ve launched the pioneering West Midlands Co-Investment Fund to back these very businesses. On a deal by deal basis the £25 million will be matched by private investors to create a £50 million plus capacity.

“We have a wonderfully rich entrepreneurial legacy here in the West Midlands and the WMCA is determined to play its part in continuing that distinguished legacy in the months and years ahead.”

West Midlands Pension Fund is one of the UK’s largest pension funds and it serves 800 employers who provide public services in the West Midlands and more than 340,000 active and retired individual members.

Cllr Milkinder Jaspal, chair of the WMPF Pensions Committee, said: “We’re delighted to support this innovative partnership. The West Midlands Co-Investment Fund will build on the collaboration across the West Midlands and apply globally recognised sustainable investment practices to deliver both commercial return and social benefits.

“It will enable businesses where our members work and live to maximise their potential alongside generating growth to meet future pension benefits. It will support the technological advances we need to transition to net zero and attract further investment into opportunities for driving positive change through innovation.

“As the first fund of its kind, it provides an example of the power of local partnership working together for businesses, jobs and our members across the region.”


Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country.

An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts.

Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.

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