31/05/2005

£22.5M venture capital fund launched

A new £22.5 million venture capital fund for business development in Northern Ireland has been announced today.

Belfast-based Crescent Capital has just completed raising investment for the new fund - known as Crescent Capital II - which will be the largest local source of venture capital available to companies in Northern Ireland. Crescent Capital has already begun investing the fund in local hi-tech companies.

Invest NI has committed £7.5 million to the new fund, that will help early stage technology companies to access vital financial support, alongside the European Investment Fund and the New York State Common Retirement Fund – America’s second largest pension fund.

Crescent Capital managing director, Colin Walsh, said he believes the commitment made by the fund’s investors represents a major vote of confidence in Northern Ireland and a sign of maturity in the local venture capital industry.

“We’re particularly delighted to welcome on board the New York State Common Retirement Fund whose sole trustee, Alan Hevesi, has maintained a close interest in Northern Ireland over the past three decades,” Mr Walsh said.

“As sole trustee of the US’s second largest pension fund, his decision to invest with Crescent Capital II sends out a strong signal to others assessing commercial opportunities here.”

Mr Hevesi, sole trustee of the $120 billion New York State Common Retirement Fund, is expected to announce further details of the significant US investment in the fund later on Tuesday.

Chief Executive of the European Investment Fund, Francis Carpenter, said today’s announcement presented a perfect fit with the key objective of helping to increase the scale of venture capital that is available throughout all European regions.

Other significant investors include Queen’s University, the University of Ulster, Ulster Bank, NILGOSC and Martin Naughton of Glen Dimplex.

(MB/SP)

Related Northern Ireland News Stories
Click here for the latest headlines.

29 July 2011
Community Development Expands In Omagh
A community building in Co Tyrone that received almost £300,000 from the Department of Social Development (DSD) Modernisation Fund Capital Programme is to significantly increase capacity and facilities for its 13 partner organisations.
18 April 2002
Dodds announces extra help for “most needy" in society
The Minister for Social Development, Nigel Dodds, has announced a further £1.73 million cash injection for the Northern Ireland Social fund. The increase brings the Social Fund, which helps the most needy people in society up to a total to £51 million for the next year.
16 May 2013
£1.25m For Belfast Community Projects
20 community regeneration projects across Belfast have received funding totalling £1.25m from the City Council. The funding is part of £5m set aside for the Local Investment Fund (LIF). Just under £1.3m is earmarked each to the North, South, East and West of the city and a further £490,000 allocated for the Shankill area.
05 December 2019
Public Urged To Order Repeat Prescriptions
As we approach the Christmas and New Year holidays, patients on regular medication are urged to plan ahead and order their repeat prescriptions. Some 15,000 calls have been made to GP Out of Hours services from people who have ran out of medicine or forgotten to order their repeat prescriptions.
04 December 2019
Belfast Harbour Named Best Cruise Port
Following a record year for cruise tourism to Northern Ireland, Belfast Harbour has been named the best port of call in the UK and Ireland for cruise ships. The accolade was awarded by a global panel of cruise experts as part of the 2019 Cruise Critic Editors' Pick Awards.