Barclays has invested in a £150m growth debt fund managed by Salica Investments, as the UK bank looks to expand its funding for early-stage start-ups.
Salica’s Growth Debt Fund II has also secured backing from the British Business Bank and the West Yorkshire Pension Fund. The vehicle provides venture debt financing to fast-growing UK companies sectors.
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“We’re delighted to further broaden our funding proposition for scale-ups through our collaboration with partners like Salica,” said Abdul Qureshi, head of business banking at Barclays. “This new investment into Salica’s venture debt fund will help ensure that the UK’s most ambitious entrepreneurs have access to the funding options they need to grow and thrive.”
The move follows the UK government’s Mansion House Accord, launched by the Treasury to unlock up to £50bn of investment for UK businesses and infrastructure projects. The accord targets a 10 per cent allocation to private markets within defined contribution default funds by 2030, with half of that investment directed towards UK-based assets.
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“The fund’s strategy, with its domestic lending focus, is well aligned with the Mansion House Accord’s objectives to boost saver outcomes and drive UK growth,” said Andrew Noyons, managing partner at Salica Investments. “This collaboration strengthens our shared ambition to help the UK’s best founders build globally competitive businesses that fuel innovation, productivity and long-term economic growth.”
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