Observed Signal · Sep 14, 2026 · Market Signal · Source: Mercia · Impact: 3/5
Mercia marks £20m in NPIF II debt funding for SMEs
Mercia Business Loans – which manages part of the Northern Powerhouse Investment Fund II (NPIF II) – has reached £20m in debt funding for SMEs.
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Whiterock invests €82M in Northern Ireland SMEs
Belfast-based fund manager Whiterock has deployed €82 million (£70 million) into Northern Ireland SMEs through its two funds, the Growth Capital Fund and the Investment Fund for Northern Ireland, both backed by the British Business Bank. The investment milestone highlights the bank's broader activity to increase access to finance for UK businesses in 2026. Whiterock's CEO Paul Millar emphasized the firm's local knowledge and partnership approach. Since 2024, Whiterock has invested €47 million into 15 companies via its equity fund and €35 million into 60 companies via its debt fund. The company manages over €420 million across five funds and has supported over 3,000 jobs. A notable portfolio company, Neighbourhood Café, is on track to more than double its revenue in FY26.
FSE Group launches £70M London growth fund
The FSE Group has launched the Future London Growth Fund, a new debt fund aimed at supporting scale-up businesses across London. The fund is backed by cornerstone commitments from the British Business Bank and Funding London, the Mayor of London's investment arm. It expects to deliver more than £70 million in lending, with loans ranging from £1 million to £3 million, targeting companies that are underserved by traditional finance providers. The initiative addresses gaps in growth finance identified in a British Business Bank report, which found London to be the toughest place in the UK to be an entrepreneur. FSE Group will manage the fund, building on its experience managing the debt portion of the Greater London Investment Fund and other regional funds.
Clean Growth Fund II Hits £81.5M Second Close Toward £150M Target
UK climate tech investor Clean Growth Fund announced a second close of its second fund, bringing total commitments to £81.5 million (€94.5 million), advancing toward its £150 million (€174 million) target. The close was anchored by a £22.5 million (€26.1 million) commitment from Border to Coast Pensions Partnership's UK Opportunities Fund, with additional investments from Strathclyde Pension Fund (increasing its total to £30 million/€35 million), Islington Pension Fund, and East Riding Pension Fund. Fund II targets seed to Series A companies reducing carbon emissions, planning around 25 investments. It has already invested in four startups across battery, food, heavy industry, and buildings in Sheffield, Bristol, Cardiff, and London, following a place-based strategy. This news follows the fund's exit from clean heat network developer Rendesco in May 2026.
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