Venture capital investors YFM and MTI have been awarded a mandate to manage a new growth fund for the North West of England.

Venture capital investors YFM and MTI have been awarded a mandate to manage a new growth fund for the North West of England.

The so-called interim venture capital fund is intended to bridge the gap between old sources of growth finance in the region and the planned long-term venture capital and loan fund (VCLF) for the North West, which has ‘taken longer than anticipated’ to set up, according to a spokesman for the Northwest Regional Development Agency (NWDA).

The interim fund is available to North West-based businesses at all stages of development and is to provide between £250,000 and £1 million of equity-based investment.

It is intended to last until spring, by which time the VCLF will have selected its fund managers and should be ready to make investments.

Businesses in the North West seeking equity investment are asked to contact YFM’s new Liverpool office on 0151 600 5134 or the Manchester branch on 0161 832 7603.