Mercia Asset Management (Mercia) was founded in 2010 and listed on the AIM market of the London Stock Exchange in December 2014. It provides venture capital, private equity, debt and property finance investments to mostly regional (ex-London) UK businesses, investing between £100k and £20m. It manages c.£1.8bn of funds for third parties and invests c.£200m of its own capital alongside these funds.

16 Apr 2026

FY26 EBITDA to be ‘materially’ above expectations

Mercia Asset Management delivered a FY26 trading update ahead of expectations, with EBITDA now expected to be materially above forecasts despite a challenging markets backdrop.

Strong fundraising in H2 looks to have played a key role, with Q4 alone seeing £200m of new funds sourced (from successful VCT and EIS raises) or proposed increases to existing mandates (both quantum and duration). Impressively, there were no redemptions in FY26.

The strong end to FY26 and the announced increase in existing mandates bodes well for FY27, as Mercia will be earning a full year’s fees (or nearly a full year) on that newly invested AUM.

We await FY26 results on 30 June before updating our valuation, but nothing in today’s announcement suggests it is likely to fall, and we therefore maintain our fair value of 58p/ share.

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