Foresight Group (“Foresight”), a leading listed private equity and infrastructure investment manager, has stepped up its commitment to supporting the growth of companies across Wales as it finalises plans for a permanent office at Southgate House, on Wood Street, Cardiff and reveals details of its new investment team.

In 2023, Foresight was appointed to manage a £50 million equity fund for the Investment Fund for Wales (“IFW”), the IFW – Foresight Equity Finance (“the Fund”).

Operated by the British Business Bank, the £130 million IFW will provide loans from £25,000 to £2 million, and equity investment from £250,000 to £5 million to fund a range of small and medium sized businesses across Wales to start up, scale up or stay ahead.

Since the launch of the Fund, Foresight has been based at Tramshed Tech in Grangetown. This temporary arrangement has allowed Foresight the opportunity to engage with various tech businesses, creating networking and investment opportunities. Foresight will soon move to its permanent home at Southgate House, on Wood Street, Cardiff.

To support its efforts across North Wales, Foresight has an office in M-SParc, Anglesey, to help increase the breadth of coverage across Wales.

Stephen Galvin, previously a Senior Investment Executive at Development Bank of Wales, was appointed as Fund Principal in November 2023. To support Foresight’s ambitious plans for Wales, a series of further senior hires have been announced. Geraint McGrath arrives from Deloitte as Senior Investment Manager. Whilst Ruby Harcombe, formerly of the Development Bank of Wales, has joined as Investment Manager.

Stephen Galvin, Fund Principal at Foresight, said: “I’m thrilled at the progress our new Welsh operation is making. We’re here to address a funding gap for the provision of capital to SMEs in the country, and the positive response to the Fund’s announcement last year – we’ve received over 300 inquiries so far – demonstrates that there is a strong demand for funding at the grassroots level and beyond.

“While we do have a certain focus on early-stage companies, our pipeline also includes later-stage business across various sectors including traditional industries like manufacturing.

“With the team now on board and a new office set to open later in the year, this is an incredibly exciting time – not just for Foresight, but for the wider business community here in Wales. We look forward to working with our partners in the region to help more companies achieve their potential while bringing a lasting boost to the Welsh economy.”

IFW – Foresight Equity Finance is managed by Foresight’s team based in Cardiff, supported by Foresight’s wider Private Equity team, which is made up of over 50 investment professionals, based across its office network located across the UK and Ireland. Foresight’s private equity team supports growing companies across all sectors and transactions types.