Martin launches €70m business fund

Minister for Enterprise Trade and Employment Micheál Martin today announced the establishment of the €70m Bank of Ireland Kernel Capital Partners Fund II.

It will be managed by Kernel Capital Partners, bringing their investment funds to €110m.

It is first fund to be established outside of Dublin under Enterprise Ireland's €175m Seed and Venture Capital Scheme 2007-2012.

This new fund comprises a €20m investment from Enterprise Ireland, €20m from Bank of Ireland and a further €30m investment from private sector investors.

Making the announcement the Minister said: “I am delighted to announce the creation of the €70m Bank of Ireland Kernel Capital Partners Fund II. The fund is targeted at dynamic Irish companies at all growth stages, across a broad range of industry sectors.

“I would like to congratulate Kernel Capital Partners, Bank of Ireland, Enterprise Ireland and the individual investors who contributed significant finance and resources in making this new fund a reality”.