NewMedia SPARK, the AIM-listed early stage investment company, is looking to improve its investment capabilities with the development of its third party fund management business.
Acquisitions and expansion of the firm’s European network have sparked the opportunity to increase funds under management with the planned launch of regional funds. Spark’s German and Spanish offices are both discussing raising funds in order to provide local investors with the opportunity to make investments locally. The firm opened offices and recruited key personnel in Madrid and Berlin last year to complement its offices in London and Stockholm.
“There is no fixed target or closing date planned for the funds as yet, as it is still early days”, said Bruno Delacave, chief financial officer of NewMedia SPARK. He anticipates a tough fundraising environment in the next six to 12: “It is still very difficult and is going to take a lot of work, but I am confident we will do it. What is important, is that we get going,” he says.
Early this year, SPARK reorganised its Swedish office and now has around 50 employees across Europe. A strong focus on European expansion will mean the firm is well placed when it comes to raising the local funds.