Braveheart Investment Group, a UK-based venture fund, has won the mandate to run Lachesis, a seed fund for eight universities in the East Midlands.
The fund, which was set up in 2002, has £10.25m under management and supports seed investing from De Montfort, Derby, Leicester, Loughborough, Lincoln, Northampton, Nottingham and Nottingham Trent universities.
Braveheart Ventures will partner with Advantage Early Growth, a government and European Regional Development Fund-financed venture capital fund, to provide support, mentoring and business development services to the Lachesis portfolio companies as well as providing fund administration services.
The contract is for a minimum of two years and Braveheart will be partly incentivised on results.
Geoffrey Thomson, chief executive of Braveheart, said: "We are delighted that the universities have selected us as their preferred partner for this role. Over the years we have worked with many university spin-outs and we look forward to assisting the Lachesis portfolio companies with their growth aspirations whilst providing the required governance for the Fund."
The Lachesis fund was formerly managed Spark Ventures, according to news provider GrowthBusiness.
