The New Gresham Capital Group (“NGC”) has pleasure in announcing its intention to launch a new €50m fund to support the development of SMEs in Ireland.
The Fund will finance established and entrepreneurial SMEs led by proven management teams and will invest across a broad range of industries, with no sectorial bias
NGC is targeting an initial fund of €50 million and expects to make individual investments in the range of €300,000 to €2.5 million. The Fund will have a life of 10 years and is mezzanine in structure and so will make its return through a combination of debt and equity.
NGC is working with Appian Asset Management as its partner in Ireland who will provide the necessary regulatory support and advice.
The fund adviser, New Gresham Capital Ltd, will work closely with its sister company Finance for Companies (Ireland) Ltd (www.finance4companies.com) which is building a network of investment professionals in Ireland focussed on finding both funding and human capital solutions for SMEs.
Minister for Jobs, Enterprise and Innovation, Richard Bruton TD. says: “It is yet another welcome sign of the increasing confidence of the international financial markets in the Irish recovery that New Gresham Capital Group is planning a €50m fund targeting SME support and development in Ireland. The SME sector is a vital component of the recovery of the Irish economy and this new Fund can play an important role in supporting even more new jobs in dynamic smaller companies across the country.”
Peter Hewitt, Chairman and founder of NGC says: “I am absolutely thrilled that we are now in a position to progress our new SME fund for Ireland and to engage further with potential investors and partners. This fund will make a significant difference in a key sector of the Irish economy and in turn help to build our presence in Ireland as a leading provider of SME finance.”
Steve Aiken, CEO of the British Irish Chamber of Commerce says: “The Chamber is extremely supportive of The New Gresham Capital Group in establishing this important SME fund which deserves every assistances from the Irish community.”