The search has begun for a fund manager to deliver the £20m Cheshire & Warrington Development Fund, specialising in investment in low carbon building improvements and development of research space.
The Evergreen fund will see an initial £20m of European Regional Development Fund grant invested by the end of 2023, and reinvested over 10 years, to create an overall investment fund valued at an estimated £60m.
The money will be used to provide loans or investment capital to businesses based in Cheshire and Warrington.
The Cheshire & Warrington LEP is looking for “an experienced fund management team” to identify investment opportunities to create space for research and innovation; help SMEs to grow; and provide energy efficiency improvements to new or existing buildings to help reduce carbon footprints.
Christine Gaskell, chair of Cheshire & Warrington Local Enterprise Partnership said: “Cheshire and Warrington’s heritage is built on innovation, with companies having global impact across industries such as life sciences, energy and manufacturing and, as we prepare to leave the EU, there has never been a more important time to invest in creating the right conditions where businesses of all sizes can thrive.
“Innovation is at the heart of growing an economy that is resilient, and we are committed to nurturing excellence through the £20m Development Fund.”
The LEP is looking for bids from fund managers specialising in investing public funding, with a specific focus on low carbon and research and innovation.