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Minister Bruton announces €125million first Development Capital Fund
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| Pictured at the launch were Rory Brooks, Founder Partner, MML Capital, Minister for Jobs, Enterprise and Innovation, Richard Bruton TD and Julie Sinnamon, CEO, Enterprise Ireland. |
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The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, recently announced the establishment of a new fund of €125million which will focus on investing in Irish SMEs. Enterprise Ireland has made a €25million commitment, under the Government’s Development Capital Scheme, to the first and final close of the fund.
The establishment of the Development Capital Scheme has the objective of increasing the availability of risk capital and closing the ‘equity gap’ experienced by SMEs seeking risk capital in excess of €2million. A total of €75million in funding has been made available from the Department of Jobs, Enterprise and Innovation through Enterprise Ireland, with the aim of leveraging a minimum total of €150million in additional funding from the private sector.
This announcement represents the first fund launched under the scheme, and investments in Irish SMEs will commence shortly, with the investment team led by Neil McGowan and Rory Quirke of MML Growth Capital Partners Ireland, already established in Dublin.
The Development Capital Scheme forms part of the suite of new finance measures put in place through the Action Plan for Jobs, which will make a total of more than €2billion in additional funding available to Irish companies of all sizes over the coming years.
Julie Sinnamon, CEO, Enterprise Ireland, commented: “Commercial funding is a critical component for Irish businesses to scale and create jobs. I would like to take the opportunity to congratulate the MML team on raising their Irish fund and on establishing a presence in the Irish market. The amount and quality of the International private capital raised for this fund is a testament to the investment opportunity that Irish SMEs represent.”
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