NatWest Trustee and Depositary Services has been appointed as the depositary for Beechbrook Capital’s latest fund – Beechbrook UK SME Credit III.
The fund provides mainly senior secured loans to non-private equity-backed companies in the UK with turnover of between £10 million and £100 million and EBITDA of £1 million and above. Ranging between £5 million and £25 million per transaction, the loans will support company acquisitions, buy-outs, shareholder re-alignments, re-financings and general expansion plans.
Matthew Hiscock, head of alternative funds business development UK at NatWest Trustee and Depositary Services, said: “We’re delighted Beechbrook Capital has appointed us as their chosen depositary 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 is more important than ever.”
Beechbrook is a specialist direct lender which focuses on investments in SMEs across the UK and Europe. Since its formation in 2008, the debt manager has raised around €1 billion across seven funds and has invested in 82 companies in the European lower mid-market.
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 team.”
Earlier this year, NatWest Trustee and Depositary Services was appointed as depositary by Foresight Sustainable Forestry Company, which recently raised £130 million in its IPO.
The company aims to combat climate change through forestry and afforestation carbon sequestration initiatives. In addition, it will look for opportunities to preserve and enhance natural capital and biodiversity across its portfolio.