Clarendon Fund Managers | CO-FUND NI
2646
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CO-FUND NI

What we can do for companies

Fund requirements

  • Must be SME with operations substantially based in Northern Ireland
  • Must not be in a prohibited EU sector (e.g. Defence, Tobacco, Gambling) and generally be in manufacturing or tradable services (Export-focused)
  • Must have an identified funding gap in a proposed investment (Companies must have tried and been unable to raise all required funding from private sources)
  • Funding is subject to ‘State Aid’ and therefore investment cannot breach State Aid Block exemption (must take account of other ‘State Aid’ receipts or offers such as grants)
  • Where the investment is being led by business angels, there must be a minimum of three participating in the investment round

What Co-Fund WILL do

  • Effect introductions to private investors but only to help Companies fill-out investment rounds
  • Work with investee companies and investors going forward and plan for and expect follow on investment rounds

What Co-Fund will NOT do

  • Source primary investors.
    For this we suggest you contact Halo, HBAN, other UK and ROI business angel networks or Corporate Finance, Legal, Accountancy and other Professional advisors
  • Provide direct/formal investor readiness for companies.
    For this we suggest you contact InvestNI’s Propel Programme, Catalyst Connect, Entrepreneurial Spark, Techstart NI or the council led ‘Go for It’ programme
  • Engage with companies before they have identified significant proportion of required private investment (must have tried to raise funding from private sources)

What the Co-Fund will need to progress

  • Completed application form and supporting documentation
  • Introduction to private investors including contact details for lead private investor(s)
  • Inclusion of standard Invest NI terms and conditions in any investment agreement (available on request once a specific deal is progressing)
  • Pari passu investment terms with private investors ideally incorporated into a term sheet
  • Standard legal and financial due diligence checklist as part of an investment process
  • Standard information regarding FCA compliance including corporate identity verification and Directors Questionnaires (available on request once a specific deal is progressing)
Contact the Team
The fund is not open to direct approaches from individual businesses.  Those seeking investment should first secure the interest of private investors.  However the fund does work with existing private investors and businesses where a substantial proportion of the required private sources of funding are in place, and they are working towards setting investment terms and filling out a round.