Mercia Asset Management PLC announced that it has been appointed to manage three of the British Business Bank's new Midlands Engine Investment Fund II mandates, representing a total of PS207.0 million in new funds under management as follows: MEIF II - Equity ESEM LP - PS83.0 million to be invested in the East Midlands and South East Midlands, managed by Mercia Regional Ventures; MEIF II - Equity WM LP - PS80.0million to be invested in the West Midlands, managed by Mercia regional Ventures; and MEIF II - Debt WM LP - PS44.0 million to be lent in the West Midlands, managed By Frontier Development Capital, a wholly owned subsidiary of Mercia. These three new fund mandates, which have been awarded following a highly competitive procurement process, represent important strategic progress for Mercia, with scaling its profitable third-party fund management operations a key 'Mercia 20:20' objective. The funds will be managed and deployed by the Group's staff based largely across its three existing Midlands offices; Birmingham, Nottingham and Henley-in-Arden.

They will be focused on supporting businesses across the entire East Midlands, South East Midlands and West Midlands, where the Group has already established a strong track record in supporting SMEs.BBB is expected to announce the award of new equity and debt fund mandates under its 'Nations and Regions Investments' Northern Powerhouse Investment Fund II initiative, towards the end of March 2024.