GLASGOW private equity house Maven will over 2017 as a whole increase both its funds total and staff numbers by between 40 and 50 per cent, its managing partner has revealed.

Bill Nixon highlighted a raft of office openings and new business wins as he projected Maven Capital Partners’ staff numbers would hit 75 by the year-end. Maven’s workforce has already climbed to around 70, having been about 20 when the business launched in summer 2009 with the management buy-out of private equity operations from Aberdeen Asset Management.

And Mr Nixon forecast funds under management or committed by investors would by the year-end be close to £600 million. Maven looked after funds of about £130m when it started up in business, in the immediate wake of the global financial crisis, so is on track to have more than quadrupled this launch figure by the year-end.

Mr Nixon said: “I think, broadly, we have seen growth in the absolute size of the business, by assets and team, of between 40 and 50 per cent this year.”

He noted this growth was based on year-end projections for staff numbers and funds.

Mr Nixon added: “It has been a year of exceptional growth.”

He highlighted Maven’s opening of offices this year in Preston, Newcastle, Durham and Bristol. Mr Nixon noted Maven was also opening an office in Nottingham.

Maven will be operating from 11 offices across the UK by the end of this year, Mr Nixon noted. It had five offices in 2009.

The private equity house, which runs six venture capital trusts that are expected to pass £200m this year in terms of their combined assets, has developed a sizeable presence in the property sector. It has diversified into playing leading roles in hotel and student accommodation developments, and supporting some housebuilding projects.

It also provides equity funding for growth and for buy-outs. Maven is also a provider of mezzanine debt finance.

Mr Nixon noted Maven had recently been appointed by the British Business Bank to run the Midlands Engine Investment Fund. This £90 million small and medium-sized enterprise debt mandate covers the East and West Midlands. Maven has also won a £57m mandate from the British Business Bank for the Northern Powerhouse Investment Fund, with a focus on north-west England. It has also been appointed to run a £20m flexible debt and equity fund for Durham County Council.

Maven is also raising money for a regional management buy-out fund, aimed at doing a small number of larger deals. Mr Nixon noted this fundraising was making good progress towards its £125m target. The fund’s first deal is expected to be completed in the fourth quarter.

The private equity house has also announced a £30m fundraising for its venture capital trusts.

In Glasgow, Maven is currently developing an Ibis Styles hotel in a former office building at Douglas House. This hotel is due to open next year, and Mr Nixon noted its proximity to the SSE Hydro arena.

Maven has already undertaken an Ibis Styles hotel development in Glasgow, at Miller Street.

With Maven adding people in Glasgow, in finance and human resources, Mr Nixon noted staff numbers at the private equity house’s head office would by the year-end have risen to about 30.

He highlighted Maven’s commitment to Glasgow, amid its major expansion south of the Border. Maven is targeting expansion in north-west and north-east England, and is also growing fast in the Midlands.

Mr Nixon said: “Glasgow remains at the heart of our support team. We are a big believer in remaining based in Glasgow.”

He said it was possible to “hire very good support staff in Glasgow who will stay with you for long periods and are highly skilled”.

Mr Nixon flagged signs of improvement in the oil and gas sector in north-east Scotland. Maven, which has an office in Aberdeen, has over the years been a major player in oil and gas services.

He said: “The oil price has taken a bit of a spike in the last few weeks. I genuinely think, across the portfolio without exception, all the companies are now reporting better numbers. I think the market is now seeing a modest recovery, and a hardening of order books. We see the new normal of oil [prices] being in the $50 to $70 a barrel range, unless there is a geopolitical issue.”

Commenting on overall conditions in the private equity arena, Mr Nixon declared Maven had not yet seen any impact from Brexit. And he believed confidence had “returned” to the Scottish market with the chances of another independence referendum in the near term having receded.