NCB venture capital fund to realise 75% return
The lead investors in a venture capital fund set up by NCB are set to realise a 75 per cent return on their investment when the fund closes in 2006.
Guinness Ireland, Ulster Bank and Enterprise Ireland have invested over €7.6 million in 12 start-ups including Macalla Software, Magnetic Solutions, National Linen and Biotrin.
According to Michael Murphy, chief Executive of NCB Ventures, the investment has led to the creation of 350 jobs across Dublin, Cork, Clare, Galway and Mayo.
Mr Murphy added that entrepreneurs will be seeking increasing amounts of venture capital funding to finance knowledge-based projects.
Along with the Guinness Ulster Bank Equity Fund, NCB Ventures also manages another private equity fund, the Guinness Ireland Ulster Bank Equity Fund. Established in 2001, the Fund has €19 million under management and is due to be realised in 2009.