ACF Investors

The company operates a co-investment venture capital model focused on UK SMEs. It manages a pooled investment vehicle of approximately £100m, initially funded by public-sector capital (Regional Growth Fund and British Business Bank). Through its products (Angel CoFund and Delta Fund) it participates in equity funding rounds led by angel investors, typically matching or complementing those investors on the same or better terms and taking a minority share (up to 49% for the Angel CoFund and up to 30% for the Delta Fund).

Value is created by providing additional capital to scale angel-backed businesses, improving round sizes and diversification for syndicates, and potentially increasing the success rate of portfolio companies through follow-on support. Financial returns come from equity value growth and liquidity events such as trade sales, secondary share sales, or IPOs. The investment activities and portfolio management are carried out by Akero Capital Partners LLP, an FCA-regulated investment manager, with administration outsourced to NCM Fund Services.

ACF Investors is a UK-based venture capital investment vehicle that co-invests equity alongside business angel syndicates into early-stage and growth SMEs across the United Kingdom. It operates funds such as the Angel CoFund and the Delta Fund, typically writing cheques between £100,000 and £1 million into eligible UK companies, while capping its share of each funding round to remain a minority investor.

The firm manages around £100m of capital, originally seeded by a £50m Regional Growth Fund grant and a further £50m from the British Business Bank. Investments and operations are managed by Akero Capital Partners LLP, an FCA-regulated manager, with fund administration provided by NCM Fund Services. ACF Investors earns returns through equity appreciation and exits in its portfolio companies; its direct customers are institutional capital providers and co-investor syndicates, while its capital is consumed by UK SMEs raising funding rounds.