Matrix Private Equity has achieved a final close of GBP1.5 million on its Matrix Enterprise Fund (MEF). The fund, which was hoping for a GBP3 million close (see evcj May, page 19) will remain open for subscription until the first investment is completed in the near future. The fund is actively considering investment proposals from nine companies including an administration services company, a fashion retailer, a lighting distributor, a training company and a restaurant chain. Each of these companies has a turnover of between GBP1.4 million and GBP16.5 million and profits in excess of GBP0.25 million.
MEF is a special purpose fund, designed to appeal to investors seeking lower-risk investment products and tax shelters. The fund offers tax incentives for two types of investors sophisticated and experienced private investors who use IFAs and trustees advised by professionals such as solicitors or accountants.
MEF is managed by a team of three professionals led by Mark Burgess, managing director, and Helen Sinclair, director. Burgess was previously finance director at Cinven and Sinclair boasts seven years at 3i, having won the BVCA Small Start-Up of the Year Award twice.