Fund closing
Ireland’s Minister for Enterprise, Trade and Employment, Mary Coughlan, announced the first closing of the Ulster Bank Diageo Venture Fund Limited Partnership, a new €75 million fund to be managed by NCB Ventures, the venture capital arm of NCB Group.
The fund is the fifth new fund to be supported by the government through Enterprise Ireland’s €175 million Seed and Venture Capital Programme running from 2007–2012.
The Ulster Bank Diageo Venture Fund Limited Partnership will invest in companies at early and expansion stages of development across a broad range of industrial sectors. The first closing of €75 million exceeded expectations, and further investments will be accepted up to a final closing of €100 million.
Coughlan said, “This fund significantly increases the availability of capital for companies seeking to expand and internationalise their businesses and marks a vital contribution to the ongoing development of the venture capital sector in Ireland.”
Investors in the fund include a combination of companies, financial institutions, pension funds, private investors and government agencies including Enterprise Ireland and the National Pensions Reserve Fund. The geographical focus will be the island of Ireland and investments will range from €0.5 million to €5 million per company.
Michael Murphy, Managing Partner of NCB Ventures, said, “The availability of new funds for investment in early and expansion stage companies is vital if we are to continue to encourage and promote entrepreneurship. Given the shortage of liquidity in financial markets it is an opportune time to back innovative entrepreneurs in small and medium-sized businesses that offer competitive advantage in an increasingly global marketplace.”
Under the 2007-2012 Seed and Venture Capital Programme, the government, is investing €175 million, which it says will leverage an estimated investment of €1 billion in start-up, early-stage and development stage businesses.
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