A PRIVATE equity firm set up in Hampshire has revealed plans to invest £10m in county businesses over the next year.

Altitude Partners (AP) aims to raise funds from a large pool of wealthy Hampshire investors to plough back into up and coming local companies.

It’s the brainchild of former regional BDO Stoy Hayward and for Lloyds TSB Development Capital bosses, who boast 30 years industry experience between them and reckon their local knowledge gives them an edge.

Investments will be designed to back firms’ organic growth, fund takeover deals or to enable management buy-outs and will fill a niche created by banks’ current reluctance to lend.

Simon White, former founder and partner in charge of BDO Stoy Hayward’s South Coast Corporate Finance business, said: “This business model is unique. We are dealing with private investors who live locally and we are investing their money in companies that operate in the region – this provides us with not only more knowledge of the market, but an ability to work more closely with both our investors and our portfolio of companies.”

Jonathan Simm, a former director in charge of the Southern Region of Lloyds TSB Development Capital, said: “The funding climate for companies is difficult, but there are many excellent regional companies in the south with expansion opportunities.

The lack of readily available funding is now holding many back and we can provide investment to help companies in the region position themselves to capitalise on the upturn.We have significant sums to invest and are in a position to bring both investment and strategic help, together with a wide base of influential contacts.”