AMJPE wins mandate to manage £20m fund

For the third time in a row, AMPJE has been made advisor to a fund raised by The Greater Manchester Pension Fund.

Aberdeen Murray Johnstone Private Equity (AMJPE) has won the mandate to manage the latest investment vehicle raised by The Greater Manchester Pension Fund (GMPF).

This is the third £20m fund GMPF has launched and the third time since 1988 AMJPE has been appointed as advisor. The firm’s management experience of the first two funds stood it in good stead, even though the appointment was put to tender, said GMPF.

Jonathan Diggines, managing director at AMJPE, said the appointment after so long a time together and when anyone could pitch, “is a good vindication of what we are doing.”

GMPF, managed by Tameside MBC, is the largest local authority pension fund in the United Kingdom with assets of more than £6bn. Ventures North West (VNW) III will be a generic fund investing in local businesses with good growth potential, said Diggines. AMJPE will co-invest VNW III with the other funds the firm manages, he added.

“We too could have changed stance last year and focused on early stage companies, but we maintain that a general stance looking at growth potential in regions is the right way to do it. This broad approach has worked for years and we see no reason why that should change.”

In related news AMJPE has been busily investing from a number of other funds. Earlier this week, the firm injected £250,000 in Instrumental, a spinout from the University of Leeds’ department of Electronic and Electrical Engineering. The money came from the White Rose Technology Seedcorn Fund, an early-stage fund, which AMJPE manages on behalf of Leeds, Sheffield and York universities.

At the same time AMJPE invested £550,000 from its own fund into Informer Systems, a company developing security authentication products such as fingerprint recognition.