Maven managed £50 million IFS Equity Fund launches in Scotland

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Maven has been appointed as one of the managers of the new £150 million Investment Fund for Scotland (IFS), the second in a series of Nations and Regions Investment Funds being launched by the British Business Bank, which will deliver a £1.6 billion commitment of new funding to support the growth of UK small and medium-sized enterprises (SMEs).

Published: Oct 05, 2023
Focus: Growth Capital, IFS Maven Equity Finance

IFS operates across three tiers: smaller loans (£25,000 - £100,000), debt (£100,000 - £2 million) and equity (up to £5 million). It aims to tackle identified funding gaps across Scotland and increase the supply and diversity of finance for smaller businesses in order to drive sustainable economic growth.

Maven will manage an initial £50 million equity fund (IFS Maven Equity Finance) which can provide investment of up to £5 million to support both earlier and later stage business with real growth potential across a range of sectors. Funding is available to ambitious businesses located anywhere in Scotland or having a material part of their operations or trading base in Scotland.


“During my many years of leading investments across the country, there has been one constant; the ingenuity and entrepreneurship of those building Scotland’s SMEs and which has led us to having the vibrant ecosystem we see today. Sadly, many companies still struggle to realise their ambitions and true potential owing to a lack of growth investment. We are therefore hugely excited by the opportunity IFS provides to not only support earlier stage businesses, but to also unlock additional and unrealised growth in established Scottish businesses."  

David Milroy, Partner at Maven


Maven has a long standing presence in Scotland since it was founded in 2009, following a management buyout of the private equity business of Aberdeen Asset Management PLC. Maven is now one of the UK’s most active investors of smaller companies and has a large and experienced team of investment executives serving the Scottish business community from its headquarters in Glasgow, alongside offices in Aberdeen and Edinburgh.

Key members of Maven’s IFS team include David Milroy, Alan Robertson, Ewan MacKinnon, Martin McLaren, Harry Staples, Lorna Kelly, Rob Stevenson and Graham Welsh. 

Maven has a strong track record in managing other UK regional funds for the British Business Bank, including the Northern Powerhouse Investment Fund and the Midland’s Engine Investment Fund, which has helped boost productivity, innovation and jobs across those territories. The new mandate now means that Maven manages a diverse range of regional growth funds across the United Kingdom, able to back emerging businesses stretching from Shetland to Cornwall.


“SMEs across Scotland continue to face challenging economic conditions, but we are seeing business sentiment remain positive overall and our experience tells us that there will be continued innovation and growth opportunities created by the many entrepreneurial management teams operating across the country.

Scotland already provides an ideal ecosystem for ambitious companies, through increasing private equity investment, public sector organisations such as Scottish Enterprise and key university and technology incubator hubs. That said, accessing finance is often the key barrier for businesses in the pursuit of growth, so we are delighted to be working alongside the British Business Bank in bringing a much-welcomed additional source of funding to the region and helping ensure scalable companies are not held back from achieving their potential.”

Alan Robertson, Partner at Maven


“With this fund for Scottish businesses, we hope to open the doors to new opportunities for a range of smaller firms looking to get started, grow, and develop across different sectors. We know that access to finance is a key concern for small businesses and are committed to ensuring that founders from all over the country have the same prospects in terms of finance, no matter where they are based. 

“Scotland is a nation of entrepreneurs and innovators and recent success stories from spin-outs and early-stage businesses show that there is huge economic potential. We want to create local opportunities and generate an impact that spans beyond the fund, helping to boost productivity, innovation and employment.”

Louis Taylor, Chief Executive of the British Business Bank

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