Raising

ACF

Sector-agnostic co-investment fund that relies on angel expertise for deals.

Fund size—

Min. investment—

Check size—

Fees—

Mandate

What they back

ACF is an independent fund spun out of the British Business Bank (BBB, which is its sole LP). It manages the £100 million Angel CoFund with a small investing team of five people.

Geography

Team

The people behind the fund

Matthew Boreman

Associate

Terms & economics

Key details

Typical check: £100,000 to £1 million (typically averaging around £500k–£600k, usually £250k to £1m nowadays) for a 5% equity stake
Constraints: They will not lead rounds (taking max 49%) and require at least three new angel investors in any new round, including one lead expert investing at least £50k who is a sector expert not already in the business. They do not invest in funds.