INVESTMENT
Delta creates EUR100m fund
08-10-2007
by Emmet Ryan
A new EUR100 million fund has been set up by Delta Partners, designed to capitalise on innovation in Irish business.
The venture capital firm's Delta Equity Fund III has been established under Enterpise Ireland's Seed and Venture Capital Scheme 2007-2012 and includes a EUR15 million investment from Enterprise Ireland. The National Pensions Reserve Fund, Wellcome Trust, and several Irish and international financial institutions have also invested in the fund. Further investors are being targeted for the Delta Equity Fund III, with an aim of raising the total in the fund to EUR150 million.
"I am delighted to announce the creation of the new EUR100 million Delta Partners fund. This fund will significantly increase the availability of early stage capital for Irish companies. I would like to congratulate Delta Partners on their success in attracting such significant investment in bringing this fund to first closing," said the Minister for Enterprise, Trade and Employment, Micheal Martin.
Delta Partners said the fund was being created to capitalise on what it believes will be an exciting period for investment. "The market for early stage investment in Ireland and the United Kingdom has matured significantly since the late 1990s. We are now seeing a steady pipeline of dynamic Irish companies, developing innovative products and services for sale on international markets. We believe 2007-2010 will prove to be one of the most attractive periods for venture investing, given the high level of innovation in Europe within both the academic and business communities," said Frank Kenny, founder of Delta Partners.
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