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Back to Northern Powerhouse Investment Fund News – Issue 5

Q&A: Meet the Fund Manager

Name: Will Clark
Company: Mercia Fund Managers
Job title: Equity Fund Principal
NPIF area: Yorkshire, the Humber and Tees Valley

Describe a typical day as a fund manager?

A typical day usually starts with a train ride to one of the local teams in Leeds, Sheffield or Stockton-on-Tees. There are ten of us now, so there’s always lots going on – plenty of businesses to discuss, marketing and event programmes to consider and the development of our expanding network of non-execs and mentors who help our entrepreneurs to scale their businesses. The most enjoyable elements of the day are meeting companies seeking investment and attending portfolio board meetings to discuss the progress made in developing their NPIF-funded business.

What is it like working with SMEs across the North?

I’ve worked with owner-managed businesses and been involved in private equity and venture capital for about 20 years now. I take inspiration from being in the company of those businesses which are led by extremely focused people. It’s stimulating to be amongst entrepreneurs and management teams who can see what equity capital can do to help them supercharge their business. We all relish the courtship – understanding what the business model is, how the market is influencing company strategy and, fundamentally, what the personal motivations are of those people we’re looking to back. We have 24 businesses in the portfolio which are on really interesting journeys, and the most fascinating thing is how they all interact when we bring them together for CEO or portfolio events.

What characteristics do you look for in a new deal?

We want to work with growing businesses that have real ambition. We have a very broad investment range – from £50,000 to £2million – and can support both start-ups and scale-ups with early-stage seed or later-stage equity capital. We can be the sole investor or part of a syndicate but, essentially, we’re looking for a talented team which has a clear vision and strategy for taking advantage of a market opportunity.

What sectors should we keep an eye on in the North?

NPIF is a generalist fund, but we’re seeing some very interesting opportunities in the process engineering space in the Tees Valley area, clever manufacturing in the Sheffield City Region and, of course, there are some incredibly exciting hubs of software and cyber security businesses in Leeds and Manchester.

Proudest career achievement to date

It’s always satisfying when a business you’ve backed is successful in attracting a new owner, particularly when the management team, which has sacrificed so much, realises a life-changing amount of money. However, being part of the team which secured the mandate to manage the NPIF equity mandate across Yorkshire, Humber and Tees Valley and the debt mandate across Yorkshire & the Humber was certainly a proud moment.

What do you do in your spare time?

My two girls are keen swimmers, so most of the weekend is spent running dad’s taxi service. However, I have a passion for motorsport and had some excellent trips this year with my son – the Spa F1 weekend was slightly drier than being in the Welsh forests for the last round of the World Rally Championship. Other than that, I keep an eye on the cricket and of course my support for Burnley FC causes a lot of consternation with my family and work colleagues!

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363).  EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).

Editors Notes