Insider Media Limited

A £15m Private Equity fund has been launched across the south with investments of up to £3m being offered to businesses. And the first deal, involving a South West company, is imminent, Insider has learnt.

Fund manager Altitude Partners has launched the Altitude One LP fund. And Simon White, partner and co-founder of Altitude Partners, told Insider: "There are number of companies that we are either looking at or we are in advanced stages of discussions with. The first South West transaction will happen in weeks rather than months."

The fund held a first close on 20 April, having exceeded its initial target of £7m and according to Altitude "is well on its way to a £15m final close".

Funds have been raised from private investors wishing to invest in a portfolio of businesses purely focussed on capital growth. It will remain open to additional investors for a further period of three to six months.

Altitude Partners plans to offer investment to established businesses that want to expand through organic growth or acquisition.

White said: "We're looking for ambitious management teams who are running businesses. The companies we invest in have to have ambitions to grow. Typically it could be a buyout, or a business that is growing and needs capital."

The fund was launched last year and it was established to provide equity funding and development support for businesses in the South.

White said: "Since we announced that we were starting the fund we've seen over 70 businesses, spread from Hampshire to Cornwall. There's been a very broad spread in terms of types of businesses."

Although White claims the fund is "sector agnostic", there are some exceptions to the rule. He said: "We are not a property fund and we don't invest start up technology. However we will certainly back technology businesses that have a proven business model.

"The real focus is on established businesses. We like manufacturing, leisure and service businesses. So although we're sector agnostic we are reasonably specific and that's the key difference with our fund."

White's partner and co-founder Jonathan Simm added: “The southern region has always provided a good level of quality businesses for investment. By being based and active in the region, we are close to the investments we make so can use our networks to provide them with enhanced opportunities.

"We like to work alongside our investee companies supporting their strategic decision making and identifying areas of growth as the economy strengthens. Our deal flow is very strong and we are advancing a number of transactions."