Foresight Group (Foresight), an infrastructure and private equity manager, has acquired the technology ventures division of Downing LLP (Downing) including management of the Venture Capital Trust and Ventures Enterprise Investment Scheme businesses of Downing.
Foresight is expected to acquire the Funds for an initial consideration of £13.6 million. The funds are deployed across venture capital, AIM-quoted investee companies and a small number of legacy asset-backed debt investments.
Downing is a privately owned, UK-based asset manager and Foresight will acquire three funds with a combined AUM of £275 million. The funds are Downing ONE VCT Plc, Downing FOUR VCT Plc and Downing Ventures EIS Scheme. This will increase Foresight’s private equity AUM to £1.2 billion.