ACT Venture Capital has raised £80 million (€102 million) to invest in expanding Irish companies and to finance buyouts. The firm raised the monies from Irish institutional investors including Bank of Ireland Asset Management, Friends First and the Eircom Superannuation Fund.
Some 55 per cent came from overseas investors including Clerical Medical and Access Capital Partners. ACT's managing director, Mr Niall Carroll, said it showed that overseas investors had faith in the growth prospects of Irish companies.
ACT will invest between £300,000 and £10 million in Irish companies over the next four years. It previously raised £50 million, all of which has been invested.
This new fund is expected to invest in several technology companies. ACT currently has investments in 30 companies, more than half of which are technology-related. Current investments include the Fitzpatrick's Hotel group and TV3.
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