NWDA awards £9m Transitional fund to MTI

1 January 2010

- YFM / MTI Consortium secure mandate victory

North West hi-tech investment specialists, MTI Partners, have announced that with YFM they have successfully secured a £9 million fund management mandate from the Northwest Regional Development Agency (NWDA).

The £9 million ’pot’ is designed for investment in North West SMEs, and represents a first part or transitional fund - a prelude to the NWDA awarding a £200 million innovation fund designed to stimulate and accelerate the growth of some of the brightest commercial prospects in the region.

Working as a consortium with fellow investors, the Yorkshire Fund Managers (YFM), the award is recognition of MTI’s position as one of the UK’s most successful serial investors in hi-tech, high growth start ups, with a proven track record of success in the region.

The company has made over 14 equity commitments to the region over the last 15 months alone through its management of the £32 million UMIP Premier Fund, which is focused on deals emerging from the University of Manchester, and the wider North West region.

MTI’s Managing Partner Richard Henderson said: "It has always been MTI’s view that the North West of England has been under capitalised as a region. Companies with potentially world-class technology, innovation and credentials, have at times failed to secure the investment needed to realise their full potential."

Richard continues: "We’re greatly encouraged that the NWDA has taken this very positive step to rectify the problem, and we’re absolutely delighted that MTI, with YFM, has been entrusted to manage and deliver these vital funds to the market.

Mark Rahn, MTI’s North West Investment Manager said: "MTI relies on its ability to identify the right investment opportunities, and the North West of England has always been a leader in technical innovation.

"We’re already working with a number of very exciting prospects in the region, and the award of this transitional fund (and the subsequent full innovation fund), will allow MTI to build more successful partnerships - strengthening both companies and the region at large."

David Hall, Managing Director of YFM Private Equity said: "We are delighted to be awarded the much anticipated venture capital funding, it will allow the team to continue to provide support to the region’s innovative and diverse businesses. We look forward to working alongside MTI, maintaining our success at adding value, creating wealth and making a measurable impact on the region’s economy."

A key element of the Transitional Fund is the provision of assistance to entrepreneurs within the region in sourcing funding in order to grow their businesses.

For more information on how to access this investment fund please contact MTI at headoffice@mtifirms.com