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Matrix Group has acquired GLE Development Capital (GLEDC), the private equity arm of Greater London Enterprise. The transaction marks a long-anticipated consolidation of the VCT industry where many of the smaller VCTs have been suffering from dwindling share prices and whose only chance of survival now is Io join forces with other players. Matrix will merge GLEDC with its existing private equity business to form a new private equity fund management company, Matrix Private Equity Partners (MPEP). The new company will have a total of 65m [pounds sterling] assets under management.
GLEDC's managing director Mark Wignall will lead the MPEP investment team of eight …