Lloyds subsidiary backing SEP fund

LDC, the private equity arm of Lloyds Banking Group, has emerged as one of the backers of a £185 million-plus fund launched last month by Scottish Equity Partners (SEP).

The firm, which has invested in previous SEP funds, has committed £15m to the venture. LDC director John Garner said: “With our investment in this fund, LDC is embarking on a new chapter in what has been a long-standing partnership with SEP.”