Development Bank of Wales-managed fund. Est. 2017. Current £500m AUM (expanded from £100m base). Patient capital provider to Welsh SMEs & non-SMEs. Portfolio incl. Dragon Recycling Solutions (£5m MBO), Stable (£1.2m fintech), JBF Group (engineering expansion), tourism/hospitality across regions. Team: embedded fund mgmt & portfolio support; sister entities incl. Angels Invest Wales & FW Capital. Value-add: investor networks, NED access, specialist consulting, ESG integration.
Investment Focus
Investment Thesis
Welsh Government-backed regional fund operating at seed-to-growth stage. £25k-£10m tickets across all sectors, all Welsh regions. Offers loans, equity, mezzanine finance with terms up to 15 years. Market-failure focused: fills gaps where commercial banks unavailable. Co-invests up to 50% max. Patient capital emphasis; sector-agnostic but values ESG/sustainability. Recent £270m capitalization expands £500m total AUM. Avoids: non-viable businesses, displacement risk.
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