UK accountancy firm Tenon Group has launched a distressed investment fund.
The AIM-listed company is planning to raise between £15m and £20, with Tenon expected to invest £1.5m as a cornerstone investor, and the fund management team – TenCap – to invest an additional £250,000.
The fund – called T-Fund I – will look for opportunities in businesses with turnaround potential, with turnovers of between £5 and £30m.
Matthew Bowker, CEO of TenonCap, said: “Having seen several economic downturns we are greatly aware of the opportunities they can produce. We believe we are well placed to identify the best opportunities and to achieve successful turnarounds and profitable exits for our investors.”
Joining Bowker in the team are Andrew Raynor, Carl Jackson and Mark Lucas, who will draw on proprietary research support from Tenon Corporate Finance. The fund hopes to exploit opportunities which arise from Tenon’s recovery division, which advises lenders and stakeholders in distressed companies.