AN investment fund which has reached its halfway point after pumping £10m into the North-East economy in two-and-a-half years is looking for more opportunities.

Regional fund management firm NEL Fund Managers has broken through the halfway point for the total value of investments it has made from £20m The Finance for Business North East Growth Fund over the last two and a half years.

The milestone was reached thanks to a £150,000 investment in Hexham-based import and wholesale business Amitex LED Lighting Co Ltd, which is using the capital to expand its operations right across the UK.

NEL has made 54 investments from the Growth Fund so far, with an average value of £185,000. The company also has a significant number of other investment applications at different stages of the assessment process, and the rate of enquiries received about the fund remains high.

Launched in March 2010, The Growth Fund is aimed at regional businesses at a development and growth stage, and was set up with a view to creating 1,500 new jobs in the north east, as well as helping to safeguard a further 1,300 jobs.

Managed by North East Finance, it will see £125m of investment capital injected into the region by the European Investment Bank and the European Regional Development Fund 2007-13 over a five year period.

NEL is looking to make around 130 investments over the fund’s five-year life span, and is looking to speak to ambitious North-East companies with robust business plans.

Barrie Hensby, chief executive at NEL, said: “Given the fact that there is always a bedding in period with any fund in the first few months after launch, the fact that we’ve now invested over half of the Growth Fund in almost exactly half its lifespan is extremely encouraging, and also provides a strong testament to the skills and tenacity of the NEL team.

For more information nel.co.uk or contact the investment team on 0845-111-1850.