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Ii) Investment strategy





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Part 3 described the broad investment restrictions that all ECF investments will be required to comply with. However, it is envisaged that prospective ECFs will operate within a more tightly-defined investment mandate, for example focusing on particular business sectors, stages of development, locations and/or investment tranche sizes.

 

An ECF‟s investment strategy should be driven by commercial considerations. Accordingly, CfEL will not favour any particular geographic locations or business sectors over others when assessing the applications. In particular, applicants should note that there is no specific objective for ECFs to meet the Government‟s objectives for economic development across the regions or in disadvantaged areas. While ECFs are welcome to target businesses in disadvantaged regions or localities where they can demonstrate the existence of an equity gap, these proposals will be assessed on the same basis as any other.

 

Pre-requisite criteria

 

Prospective managers must demonstrate that their investment strategy is consistent with the overarching scheme rules, targeting an equity gap, and commercially viable. They must show that the proposed fund has good prospects of delivering a high financial return, and that any potential conflicts of interest will be satisfactorily resolved. They must also demonstrate that the fund manager will be suitably resourced, taking into account both the financial and the non-financial resources available to it.

 

Primary assessment criteria

 

CfEL will favour approaches that demonstrate that the proposed ECF would be targeting a particularly acute part of the equity gap. Where strong evidence can be provided to show that the shortage of capital is especially severe in their target market, this may compensate for other less attractive features of a proposal (such as a lower Government profit share). CfEL will pay close attention to the analysis of the existing supply of equity capital available to the target investee businesses, and the level of unserved demand for risk finance amongst those businesses. Applicants should also seek to demonstrate their competitive advantage over existing or potential future participants in their segment of the market.

 

CfEL will also consider the proposed ECF‟s capacity to make a non-financial contribution to the performance of the investee businesses, for example by providing management support,

 

Guidance for Prospective ECF Managers - 28

 

mentoring or other relevant expertise. In assessing capacity in this area, CfEL will consider whether the applicant‟s level of ambition in this area is achievable, taking account of the resources in and available to the management team.

 

 

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