Chrysalis, the £35m revolving fund that has supported more than £100m of investment in the Liverpool city region, has made two senior appointments to its board.
Cllr Ann O’Byrne, deputy mayor of Liverpool and Cllr Phil Davies, leader of Wirral Council, have joined the general partner board as the fund gears up for a number of major investments.
Chrysalis was originally established as part of the EU’s JESSICA programme and funds its investments by recycling receipts from past loans. In June it received £2.3m following the disposal of the 120,000 sq ft Aquila warehouse facility in Knowsley by DB Symmetry and Barwood Capital to LondonMetric Property. This will now be recycled to support other investments.
Fund chairman Jim Gill said: “Anne’s and Phil’s appointments confirm the strength of the working relationship between Chrysalis and the local authorities in the city region and provide the opportunity to strengthen that further through work with the Combined Authority.”
The fund said that it is currently addressing six major opportunities in the logistics, manufacturing and renewable energy sectors and says a series of announcements can be expected over the coming months.
Mark Bousfield, investment manager at Igloo Regeneration, which leads the fund’s management consortium, said: “Our specialism is in funding viable projects and making projects viable. By definition, we need to get in to the guts of a project to ensure that our money is put to work in the most effective way and the governance function offers a critical oversight to that work.
“I’m looking forward to working for Phil and Ann as the fund supports the Liverpool region’s continued resurgence.”