A group of U.S. and U.K. firms are advising the U.K. government on a new fund to provide financing to start-ups and scale-ups affected by the coronavirus pandemic.

Goodwin Procter, Cooley and Orrick, Herrington & Sutcliffe and Taylor Wessing are all part of a task force collaborating on the scheme, called the Future Fund.  

The fund, set to launch in May, will issue convertible loans between £125,000 and £5 million to ‘innovative’ companies which are facing financing difficulties, invested directly by the Government.

According to a statement by the firm, Goodwin technology and life sciences partner Adrian Rainey is leading on the advice.

Rainey is joining former Taylor Wessing colleague Angus Miln, head of U.K. corporate technology, in advising the government. Orrick private equity partner Ylan Steiner is also advising, he confirmed, while Aaron Archer, a partner in Cooley’s emerging companies and venture practice, is leading its team.

Ashurst is advising HM Treasury alongside its in-house legal team. The team is being led by corporate partner Karen Davies and regulatory partner Philip Vernon.

Archer said in a statement: “This package will be a lifeline for many U.K. startups. The scheme will go a long way to ensure the U.K. remains the preeminent European location for emerging companies and venture capital, and one of the most attractive places in the world for the very best talent in technology and life sciences. Whatever we can do to ensure that remains the case, we will.”

According to the government, the convertible loans offered by the fund may be a suitable option for businesses that rely on equity investment and are unable to access the Coronavirus Business Interruption Loan Scheme.

Companies have to have previously raised at least £250,000 in equity investment from third party investors in the last 5 years to be eligible.

In a statement, Goodwin said it had received special recognition from Chancellor of the Exchequer Rishi Sunak, who said in a statement: “This new, world-leading fund will mean they can access the capital they need at this difficult time, ensuring dynamic, fast-growing firms across all sectors will be able to continue to create new ideas and spread prosperity. 

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