Whiterock has announced it has invested 82 million euros (£70 million) in Northern Ireland SMEs across its two British Business Bank-backed funds, a milestone that matters broadly because it shows how much growth finance a locally based manager has placed in regional businesses, and matters specifically to accountancy professionals because the Bank names accountants among the local intermediaries these funds work with to reach smaller businesses.

Whiterock is a Belfast-based fund manager founded in 2012 that manages over 420 million euros across five funds, including the Growth Capital Fund for minority equity investments and the debt fund within the Investment Fund for Northern Ireland, and has deployed more than 224 million euros overall, supporting the creation of over 3,000 jobs.

The British Business Bank is the UK government-owned development bank that backs both funds.

Paul Millar, chief executive of Whiterock, said the firm has supported local SMEs for over 14 years across sectors from advanced manufacturing to technology and consumer products, and that local businesses value the insight of a Northern Ireland based funder. Sue Barnard, senior investment manager at the Bank, said the milestone shows the impact public and private finance can have on ambitious smaller businesses.

The scale of activity behind that milestone is considerable. Since 2024, Whiterock has invested 47 million euros in 15 companies through its equity fund and a further 35 million euros in 60 companies through its debt fund, a volume of transactions that generates a steady flow of financial reporting and funding-readiness work.

The structure explains where accountants fit. The Investment Fund for Northern Ireland offers debt of £25,000 to £2 million (about 29,000 euros to 2.3 million euros) alongside equity of up to £5 million, and works with local intermediaries such as accountants, fund managers and banks.

The Bank has also treated accountants as part of the delivery chain from the start. When the fund launched, it held information roadshows for enterprise agencies, advisers and accountants.

For the sector, a local fund manager deploying capital at this pace signals continuing demand for advisers who can prepare businesses for debt and equity funding across Northern Ireland.

Source: EU-Startups / British Business Bank