Key Takeaways
- • The British Business Bank has committed up to £59m to BPC Europe SME DAC, the fourth fund in Beach Point's UK and Ireland SME direct lending strategy, as part of a £65.7m first close.
- • The commitment lifts the Bank's total potential commitment to Beach Point to an amount expected to exceed £100m, following earlier investments of £20m in 2022 and £30m in 2025.
- • The fund will provide flexible senior debt of £500,000 to £10m to growth-focused SMEs with annual turnover below £25m across the UK and Ireland.
- • The British Business Bank anchored the first close, and officials stressed regional targeting toward Northern Ireland, Scotland and the North of England.
Summary
The British Business Bank has made a commitment of up to £59m to Beach Point's new fund, BPC Europe SME DAC, according to The Intermediary. The commitment forms part of a £65.7m first close and is the fourth fund in Beach Point's UK and Ireland SME direct lending strategy. The British Business Bank anchored the first close.
The commitment builds on the Bank's earlier investments of £20m in 2022 and £30m in 2025 into Beach Point's first dedicated UK small and medium-sized enterprise lending fund. With the new commitment, the Bank's total potential commitment to Beach Point is expected to exceed £100m.
The fund will offer flexible senior debt to companies seeking capital to invest, expand, make acquisitions and create jobs. It will target growth-focused businesses with annual turnover of less than £25m, providing loans of between £500,000 and £10m across the UK and Ireland.
Business Secretary Jonathan Reynolds said the funding would help more small businesses access finance, particularly in Northern Ireland, Scotland and the North of England. Adam Kelly, managing director and co-head of funds at the British Business Bank, said the fund would provide growth capital in areas where access to finance can be more limited. Shane Lanigan, portfolio manager and head of European lending solutions at Beach Point Capital UK, said the firm was delighted with the continued support and emphasized sustainable, broadly distributed growth.
The commitment builds on the Bank's earlier investments of £20m in 2022 and £30m in 2025 into Beach Point's first dedicated UK small and medium-sized enterprise lending fund. With the new commitment, the Bank's total potential commitment to Beach Point is expected to exceed £100m.
The fund will offer flexible senior debt to companies seeking capital to invest, expand, make acquisitions and create jobs. It will target growth-focused businesses with annual turnover of less than £25m, providing loans of between £500,000 and £10m across the UK and Ireland.
Business Secretary Jonathan Reynolds said the funding would help more small businesses access finance, particularly in Northern Ireland, Scotland and the North of England. Adam Kelly, managing director and co-head of funds at the British Business Bank, said the fund would provide growth capital in areas where access to finance can be more limited. Shane Lanigan, portfolio manager and head of European lending solutions at Beach Point Capital UK, said the firm was delighted with the continued support and emphasized sustainable, broadly distributed growth.
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