Palatine Launches Growth Credit Strategy

09-05-2023

+ The Palatine Growth Credit strategy will back fast-growth B2B companies in sectors such as AI, SaaS, cyber and fintech throughout the UK regions

+ Will Chappel joins as Partner to lead new team

+ Represents a third string to Palatine’s bow alongside its established Buyout and Impact Private Equity Funds

The Palatine Group have launched a new Growth Credit strategy aimed at backing established, high-growth technology companies in the Regions.

The  new strategy will be headed by experienced tech fund manager Will Chappel (ex-Barclays, HSBC and Shawbrook), who has joined us as a Partner.

We have also recruited Neil Pitcher, the former CEO of European Venture Partners (now Kreos Capital) and ETV Capital, to be the non-exec chair of Palatine Growth Credit. Neil has more than 25 years’ experience in the sector and currently runs LGF Partners – a boutique debt advisory business focusing on growth businesses which and has raised over $1bn for clients.

Our Growth Credit strategy will support maturing, high growth, but not start-up, companies which are seeing double-digit year-on-year revenue growth.

The strategy will focus on companies in the cyber, fintech, SaaS, healthtech, medtech, AI and advanced manufacturing sectors in the burgeoning technology ecosystems of the North, Midlands, South West, and the South East.

Gary Tipper, Managing Partner at Palatine, said: “We are excited to launch our new Growth Credit Strategy to support an ever-increasing number of ambitious and innovative tech businesses based outside of London.

“The UK regions are already home to some outstanding tech businesses – in 2022 tech business in Manchester alone raised a record £532m, more than many major European capitals including Rome, Brussels, Warsaw and Lisbon. We are confident that founders and executives looking for finance to support their growth plans without having to dilute their equity will welcome this new strategy created by team members who have decades of success in backing high growth enterprises.

“As a business Palatine has never stood still – our early adoption of ESG into our PE funds and the raising of our two Impact Funds is a testament to this. Our Growth Credit strategy adds a third string to our bow and enhances our ability to support an increasingly important part of the economy.”

Will Chappel has been a key part of the Growth Credit market in the UK and Europe for many years and has previously been part of teams launching three successful Growth Credit products in the UK.

Will Chappel said: “Palatine is a sustainability-focused, entrepreneurial investor with an outstanding market reputation for its collaborative culture. I am thrilled to have joined the business to launch a market-unique and compelling strategy aiming to make a significant contribution to levelling-up the Growth Credit market across the regions in the UK.

“The established tech funding landscape is still skewed towards the South, and we feel it’s never been a better time to enter the market, particularly also as the regions have been underserved in this asset class in recent years.

“We already have a strong pipeline of leads across the North and beyond, thanks to our combined relationships with advisors and VCs working with technology businesses. I am looking forward to building a dedicated team at Palatine in the months ahead.”