MD1345 LEP investment for the London Co-Investment Fund

Type of decision: 
Mayoral decision
Code: 
MD1345
Date signed: 
19 June 2014
Decision by: 
Boris Johnson MP (past staff), Mayor of London

Executive summary

On 28 March 2014, the Investment and Performance Board (IPB) agreed expenditure of £25m from the Growing Places Fund (GPF) allocation to the London Enterprise Panel (LEP), for a finance fund for London SMEs in line with its Jobs and Growth Plan. This decision sets out how this will be delivered through a London Co-Investment Fund (LCIF) that will leverage equity investments into early stage growth SMEs as they emerge from private accelerators, incubators and support programmes and seeks formal approval to enter into a funding agreement (including repayment terms) with SME Wholesale Finance Limited (SMEWFL) to provide £25m of capital funding in to deliver the LCIF.

Part 1: Non-confidential facts and advice