In September 2005 Summit participated in a bid on behalf of a group of nine Corporate Venturers and Business Angel Groups from across the UK and also the east coast of the USA to manage one of the new Enterprise Capital Funds (ECFs). ECFs were announced in the 2005 Budget as a structure to make it more attractive for investors to provide venture capital to UK businesses which are seeking less than £2 million.

The main attraction of an ECF to investors is that their potential returns are strongly enhanced by leverage provided by the Government which co invests up to twice the amount of the private investors' commitment in an Enterprise Capital Fund but at a 4.5% rate of return (plus a small profit share) so that, if successful, the bulk of the profits accrue to the investors.

The Seraphim Capital consortium was successful in its bid to manage a £30 million fund and was one of the six winners announced in May 2006. It was the first to complete the Enterprise Capital Fund documentation and formally launched in early September 2006 with all its funds in place.

Summit is one of the four managing partners of Seraphim, who assess, implement and oversee its new investments, and Summit's managing director, Kit Hunter Gordon, chairs Seraphim's Managing Partner board.

Summit has undertaken to offer Seraphim all investment opportunities falling between £0.5 million and £2 million and qualifying investments in this range will be undertaken through Seraphim.