Minister Martin Launches ¤100m Delta Partners Fund
Today (Monday 8th October 2007) Minister for Enterprise Trade and Employment Micheál Martin T.D. announced the first closing of a new ¤100m fund by Delta Partners, called Delta Equity Fund III. The ¤100m fund is the second to be established under Enterprise Ireland's Seed and Venture Capital Scheme 2007-2012. The first closing significantly exceeded expectations and the fund is targeting further investors for a final closing of ¤150m.
The fund comprises a ¤15m investment from Enterprise Ireland and investments from the National Pensions Reserve Fund, Wellcome Trust, and a number of Irish and international financial institutions.
Making the announcement the Minister said:
“I am delighted to announce the creation of the new ¤100m 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.”
Frank Kenny of Delta Partners commented:
“The market for early stage investment in Ireland and the United Kingdom has matured significantly since the late 1990’s. 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.”
Geoffrey Love of Wellcome Trust commented:
“Delta Partners have carved out a first class franchise for early stage investing. Ireland and the United Kingdom continue to be the most attractive markets in Europe for venture investing. We are delighted to rejoin them in their new fund.”
Ronan Cunningham, Head of Private Equity at the National Pensions Reserve Fund commented:
“We are delighted to make Delta Equity Fund III the National Pensions Reserve Fund’s first commitment to a venture capital fund based out of Ireland. Delta is long established in the Irish and U.K. markets and has proven expertise in early stage technology investing.”
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For further information contact:
Press Office, Enterprise Ireland, T: 01 8082000
Press Office, Department of Enterprise, Trade and Employment, T: 01-631 2200
Notes for EditorsDelta Partners
Delta is one of the forerunners of venture investing in Ireland, having started investing in 1994. The new fund will continue its longstanding strategy of investing across diverse sectors such as business services, software, Internet, semiconductor and medical devices. Delta’s management team, the senior members of which have been together since the 1990s, have demonstrated capability in building and financing early stage technology companies. Delta Partners has raised ¤100 million to invest in early stage companies in Ireland and the United Kingdom.
Delta has invested in over 50 early stage companies throughout its history, with many successes including Toucan Technology, O’Learys, DRM, Similarity Systems, Pharmagene, County Media and the recently floated AGI Therapeutics. The partners in Delta Partners are Frank Kenny, Shay Garvey, Maurice Roche, Dermot Berkery, Joe Mason, Rob Johnson and John O’Sullivan.
Enterprise Irelands Seed and Venture Capital Scheme 2007-2012
Enterprise Ireland is investing ¤175m in a new round of Venture Capital funding, which will leverage an estimated investment of ¤1bn in start-up, early stage and development stage businesses. This scheme was announced in May 2006.
ENDS
Last modified: 08/10/2007
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