€850m State fund for SMEs aimed at filling gap left after exit of banks

The Government, via the National Pension Reserve Fund, is making available €850m to small businesses through three new funds in an effort to fill the gap in the market by banks exiting the country.

The SME Equity Fund will have €300m-€350m at its disposal, with the NPRF putting in €125m of the total amount. Other third party investors will also stump up capital.

The fund will be managed by Carlyle Cardinal, which is a joint venture between the international private equity firm the Carlyle Group and Dublin- based Cardinal Asset Management, founded by Nigel McDermott and Nick Corcoran.