More than £4m. committed by Guernsey Investment Fund

Tuesday 23 October 2018

Guernsey's Investment Fund has made seven instalments so far since its launch, totalling £4.29m.

Nine more proposals are currently being considered, and there is even more interest being shown from companies and entrepreneurs.

The fund, which invests in projects and businesses which have a Bailiwick of Guernsey focus, or which may benefit directly or indirectly the development of the Bailiwick, was launched in February. Its aim is to deliver long-term capital growth for its shareholders, which includes the States of Guernsey who have committed to investing up to £25m. In total, investors have put £38m into the fund.

Pictured: Jon Ravenscroft.

Ravenscroft manages the fund itself, which is made up of a number of protected cells. The first of those cells to launch was the technology and innovation cell, which this year has already made investments starting from £100,000.

"We appreciate the high level of public interest that there continues to be in the Guernsey Investment Fund and so I am delighted that we can share more about the positive start the fund has made," Gilbert Chalk, Chairman of the independent board appointed to have overall responsibility for the management of the Guernsey Investment Fund, said.

Mr Chalk said the time was now right to highlight what it had achieved since launch.

"We always expected considerable interest from potential investees and the due diligence undertaken before the fund launched suggested that there would be demand for a fund to support innovation that could benefit the Bailiwick.

"The calibre of applications received supports that expectation and it is encouraging to see the range of applications we have received. The Bailiwick has some fascinating and forward-thinking businesses and projects and there are a large number of prospective investments, which are based outside the Bailiwick, which can also lead to material spin off benefits for the islands."

Mr Chalk said the successful applicants included established Guernsey companies looking to expand, local entrepreneurs, and companies from outside of the island who had demonstrated benefits to the economy including employing local people, establishing offices and hosting IT infrastructure. 

Pictured: My Student Events' website.

According to Mr Chalk, a good example of why the fund was needed was its third investee – My Student Events Limited - established by locally-based education sector expert Anthony Reynold. MSE is an online platform which provides details and access to open days, skills events and interactive media for 13-19 year olds in the UK. The investment from the fund will enable the full launch of the company and the building of an app. 

Mr Reynolds has said that the support of the fund was invaluable. 

"The Guernsey Investment Fund backing has not only allowed this company to grow its reach out to the UK but also helped, in part, to change perceptions about the island," he said.

"MSE’s values include empowering young people to create positive change and our Guernsey teenage workforce is proving how a modern and innovative approach to content creation can break down barriers and stereotypes."