M and A

Deals Of The Day: The Latest In Wealth Management M&A – Foresight, Downing

Editorial Staff, 15 June 2022

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The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Foresight Group, the infrastructure and private equity manager, has bought the technology ventures division of UK-based Downing. As part of the deal, it has also acquired the management of the Venture Capital Trust and Ventures Enterprise Investment Scheme businesses of Downing.

The firm is expected to acquire the funds for an initial sum of £13.6 million. The funds are deployed across venture capital, AIM-quoted investee companies and a small number of legacy asset-backed debt investments, a statement from Foresight said yesterday. 

The three funds involved in the transaction, which have a combined £275 million in assets under management, are Downing ONE VCT, Downing FOUR VCT and Downing Ventures EIS Scheme. This will increase Foresight’s private equity AUM to £1.2 billion. The venture-focused funds have about 12,000 investors and predominantly hold assets in the UK, the US and Israel. 

“The VCT and EIS businesses, which we are acquiring from Downing, are an excellent strategic fit for Foresight, complementing our existing portfolio and providing exciting diversification opportunities,” Bernard Fairman, executive chairman of Foresight Group, said. “We are investing in multi-stage, fast growing, scalable businesses with the potential to generate significant returns. The acquired businesses will deepen our retail investor offering and provide further opportunities for our extensive retail sales team to drive growth.”

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