Panoramic, Glasgow investor, launches £100m fund

Stephen Campbell

Glasgow-based Panoramic Growth Equity, an equity and debt investor in UK small and medium companies (SMEs), has announce the final close of its new £100 million Panoramic SME Fund 3.

British Business Investments, a subsidiary of British Business Bank, has committed £30 million to fund.

“This is a landmark step in the evolution of Panoramic’s business and brings total funds raised to £200m,” said Panoramic.

“The new fund will be targeted at supporting small and medium companies based in the UK. Funding has been raised from a range of institutional investors, with previous investors continuing to back the regional investment house.”

Panoramic was set up by Stephen Campbell, David Wilson and Malcolm Kpedekpo in 2008.

Panoramic said it will invest between £2 million and £8 million in companies that have achieved EBITDA of more than £500,000 in the prior 12 months.

Campbell said: “In a tough fundraising environment, our ability to hit our hard cap of £100m is a testament to our consistently strong track record and the business owners we have backed since our first fund launched in 2010.

“We are very grateful for the support of both our existing and new investors in the new fund, and we look forward to working with them as we now look to deploy capital.

“We are exceptionally excited at the prospects for Fund 3 and are already advanced in several transactions that we expect to close over the summer.

“We look forward to backing some great business owners over the coming years.”

The British Business Bank previously supported Panoramic’s ECF 1 LP through its Enterprise Capital Funds programme in 2010 and Panoramic Growth Fund 2 via British Patient Capital in 2015.

British Business Investments CEO Judith Hartley said: “At British Business Investments, our mission is to increase the overall supply and diversity of finance for smaller businesses across the UK.

“Following the British Business Bank’s earlier support to Panoramic, we are pleased to be making this commitment through British Business Investments.

“Our commitment to Panoramic will help more UK smaller businesses, particularly in Scotland, Northern Ireland and the North of England, to access the capital they need to grow and succeed.’’