Emerging independent venture capital firm, Panoramic Growth Equity (PGE), has announced that its Panoramic Enterprise Capital Fund 1 (Panoramic ECF 1) has made an initial close at £34m. The only SME growth fund to close in the UK in the last year, it has already exceeded initial fundraising targets by £1.5m.
Panoramic ECF 1 has secured significant funding from the private sector, attracting investment from financial institutions and high net-worth individuals. The UK Government pledged £21.7m, its largest fund commitment since the ECF scheme began in 2006.
Panoramic’s Fund will be committed to assisting fast-growing later-stage small companies in Britain, with individual investments ranging between £0.5 million and £2.0 million. The Fund will help meet the increasing demand by SMEs for growth capital, at a time when supply in the equity gap has come under considerable pressure.
Commenting on the successful closing of the Fund, Stephen Campbell, partner at PGE, said: “For a first-time fund to be oversubscribed in such a challenging market is a major achievement. It represents not only confidence in the Fund’s investment strategy and financial benefits of an ECF but also a belief in the team at Panoramic Growth Equity.”
PGE’s senior team of Stephen Campbell, David Wilson and Malcolm Kpedekpo has over 40 years’ experience investing and advising SMEs in the UK and overseas. In 2007, a joint UBS/Library House report highlighted that the three partners had invested in three of the top ten fastest-growing companies in the UK.
Stephen added: “SMEs are the backbone of the UK economy, accounting for over 50% of UK private sector revenues. There are many first-class companies out there who do not have the means to raise capital to take them to the next stage using traditional debt financing routes because those sources are now in short supply. And with an emergency budget around the corner, we certainly hope that the reliefs available to entrepreneurial investors are generous and do not cut-off the oxygen supply to these companies.”
Rory Earley, CEO and CIO of Capital for Enterprise Limited said: “We have worked closely with the Panoramic team for a number of months and have been attracted by the team’s experience, track record of success and a long history of supporting SMEs with their growth ambitions. We are delighted that the team managed to exceed their initial funding target, in an extremely challenging environment, and their success highlights the benefits of the ECF programme.”