Regionally focused lender Palatine Growth Credit has passed a £50m committed limit milestone as it pledges to support tech clusters across the UK.
The milestone has come less than two years after the first deal was made from the group’s £81m growth credit fund. In that time it has completed 13 deals with more expected to be announced.
Palatine operates in Manchester and London with lending activity in areas including Bristol, Cambridge, Wakefield and Nottingham.
“As well as supporting regional companies to grow, organically or by strategic acquisition, our offering has been used to support our clients with creating local jobs as they expand into other UK regions and in some cases enter new international markets,” said William Chappel, a former employee of Barclays, HSBC and Shawbrook, now working as the growth credit fund manager.
“We’ve now committed around two thirds of the fund, and we have done what we set out to achieve at launch by supporting established Sponsor-backed companies based across the UK regions to accelerate their growth, whilst giving founders the chance to reduce dilution of their equity stakes.”
Chappel said that the UK tech sector is in a “very good place”, noting in particular the transformative potential of AI.
