The Cardiff Capital Region (CCR) has approved a new £50m fund to support growth and job creation of firms. Moreover, CCR has appointed PwC to manage the funds after going through a competitive tendering process.

PwC will manage the Innovation Investment Fund

The new innovation fund will launch in October this year and will make equity investments into indigenous firms. In addition, PwC may use this fund to attract new companies and jobs in the Cardiff region. Furthermore, the funds will make investments ranging from £2m to £7m in to multiple companies. Although it is not a legal obligation, yet PwC is confident of taking the investment to £100m. The city region said the new equity fund will complement the activities of the Development Bank of Wales. Moreover, the Innovation Investment Fund (IIF) will prioritize to invest in firms having potential for growth. These include creative industries, fintech, medtech, cybersecurity and compound semiconductor production.

“This is a landmark piece of work for PwC in Wales; it’s an opportunity to demonstrate to the market that we are not only a firm that advises, but a firm that ‘does’. Crucially, it’s aligned to our purpose as a firm – it enables us to contribute directly to the modernization of the regional economy, the promotion of social inclusion and fairness, and to drive growth in areas that will support the transition to net zero.” John-Paul Barker, market leader for PwC in Wales and west of England said in his statement.

Employment opportunities

The £50m IIF is likely to deliver about 25,000 new jobs. Moreover, IIF will support job creation, upskilling, social inclusion and meeting wider environmental goals. Furthermore, PwC will also increase their client-facing advisers over the next few years to execute their managed services propositions. Currently, PwC office in Cardiff is employing about 400 client-facing advisers. “PwC has an impressive track record in fund management which coupled with a deep knowledge of the regional business community and our mutual commitment to objectives around inclusivity, social mobility, driving innovation in the economy, and widening access to capital.  This makes PwC the ideal partner to fulfil the significant ambitions we have for the economic and social impact that this fund is capable of generating.” Rhys Thomas, chief operating officer for Cardiff Capital Region City Deal said in his statement.

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