Published on 3rd March 2022
NatWest Trustee and Depositary Services appointed as depositary for Beechbrook Capital LLP’s latest fund.
NatWest Trustee and Depositary Services has been appointed as the depositary for Beechbrook Capital LLP’s latest fund in its UK SME strategy, Beechbrook UK SME Credit III LP.
Beechbrook Capital is a specialist direct lender which focuses on investments in small to medium-sized businesses (SMEs) across a range of industries in the UK and Europe. Since its formation in 2008, the debt manager has raised c. €1bn across seven funds and has invested in 82 companies in the European lower mid-market.
Its latest vehicle, Beechbrook Capital UK SME Credit III LP, provides mainly senior secured loans to non-private equity-backed companies in the UK with turnover of between £10m and £100m and EBITDA of £1m and above. Ranging between £5m and £25m per transaction, the loans will support company acquisitions, buy-outs, shareholder re-alignments, re-financings and general expansion plans.
The vehicle has attracted investment through its strategic focus of supporting UK SMEs and stimulating growth of a business segment critical to the UK’s financial recovery from the pandemic.
Matthew Hiscock, Head of Alternative Funds Business Development UK, NatWest Trustee and Depositary Services, said: “Beechbrook is a long-standing client of RBS International and we’re delighted to secure their commitment to appoint us as their chosen depository provider for their latest UK SME focused fund."
“The fund’s strategy plays an important role in the UK’s recovery from the pandemic, where opportunities for flexible funding for SMEs are more important than ever. Our NatWest Depository Services team look forward to working with Beechbrook in 2022 and beyond.”
Alan Chu, Partner, Finance and Operations at Beechbrook Capital, added: “We’re pleased to have appointed NatWest Trustee and Depositary Services as our independent depositary provider for UK SME Credit III LP. We’re committed to supporting the growth of UK SMEs, and look forward to continuing our working relationship with the RBS International group.”
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