A new investment fund worth £25 million has been launched to help West Midlands businesses expand.
Called West Midlands Co-Investment Fund, investments will be focussed on SMEs that offer high-growth potential in sectors such as green technology, advanced manufacturing, life sciences and creative and digital.
The West Midlands Combined Authority is putting £12.5 million into the fund, matched by West Midlands Pension Fund which serves 800 employers providing public services in the region.
The new fund will be managed by Birmingham-based financial services group Midven and offer equity investments of up to £1 million.
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Operating over a ten-year period, the fund will focus on bringing new private investor money to the region and use a co-investment model alongside business angels and other private investors on a minimum £1 to £1 basis.
Estimates suggest the fund could generate an extra £49 million for the regional economy and create or secure nearly 800 jobs.
West Midlands Mayor Andy Street said: "SMEs are the lifeblood of our local economy so it's vital that we improve their access to the finance they need to advance.
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"These are exactly the sort of businesses that will help power our regional recovery and future prospects.
"We were the fastest-growing region outside London in the decade leading up to the pandemic and we remain a hotbed of some of the best companies and brightest minds."
Cllr Milkinder Jaspal, chairman of West Midlands Pension fund committee, added: "We're delighted to support this innovative partnership.
"The fund will build on the collaboration across the West Midlands and apply globally recognised sustainable investment practices to deliver both commercial return and social benefits."