Private equity firm Maven Capital Partners has opened a new office in Middlesbrough as part of its support for the Northern Powerhouse Investment Fund II and broader commitment to the North East region.

Maven’s new office is in Middlesbrough’s Boho Zone, and will serve as a centre for Maven’s activities in the Teesside region as it steps up its investments in technology, engineering and manufacturing, life sciences and renewables. The firm has also joined the Tees Valley Business Club to help connect with businesses.

Maven has invested over £50 million in more than 40 companies across the North East, creating more than 1,200 new jobs. It is the appointed equity fund manager in the North East for the Northern Powerhouse Investment Fund II, bringing £50 million additional funding to the region.

Maven will also be embarking on a recruitment drive to expand its investment team and identify more local businesses with high potential. The Financial Times’ European Cities and Regions of the Future report in February named Middlesbrough as the sixth best ‘small city’ for its foreign direct investment strategy, demonstrating its strong potential for economic growth and sustained innovation.

“With our great track record in the North East region, along with the business opportunities and economic potential present in Middlesbrough, it was clear that establishing an office presence here was the logical next step. We are excited to continue investing in this region and unlock additional opportunities for innovative and ambitious companies,” said Michael Vassallo, Investment Partner at Maven.

The £660 million Northern Powerhouse Investment Fund II covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses to start up, scale up or stay ahead.