Salica Investments has reached a £150 million first close on Growth Debt Fund II. The British Business Bank committed £30 million, repeating its ticket from Fund I. West Yorkshire Pension Fund also committed £30 million, an increase on its first-fund allocation.
The fund provides senior secured loans to high-growth UK companies in software, IP-rich hardware and advanced manufacturing. David Hayers, Head of Growth Debt at Salica, said the team had already deployed more than £500 million and was seeing interest for a second close later in 2025.
Andrew Noyons, Managing Partner, said Fund II builds on Fund I’s returns and that a UK lending focus sits with the Mansion House Accord. Adam Kelly, Managing Director and Co-Head of Funds at the British Business Bank, said Salica’s first fund had reached companies across the UK’s nations and regions. Darran Ward, Head of Alternatives at West Yorkshire Pension Fund, said the strategy fitted the pension’s alternatives mandate.
Barclays joined as a cornerstone investor on 12 November 2025, after the first close. Abdul Qureshi, Head of Business Banking at Barclays, said the ticket widened the bank’s funding options for scale-ups. The size of the Barclays commitment was not disclosed.
Salica is a UK-focused investment firm. Growth debt is run as a dedicated sleeve beside its primary and secondary equity funds.