Business Technology

Sunday 21 September 2014

Irish and Chinese governments team up for €74m technology fund

Published 17/01/2014 | 10:45

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Iconic attraction: China’s then vice president Xi Jinping with Finance Minister Michael Noonan (left) and Tanaiste Eamon Gilmore (right) at Bunratty Castle during a visit by a Chinese group to Ireland last year.
Iconic attraction: China’s then vice president Xi Jinping with Finance Minister Michael Noonan (left) and Tanaiste Eamon Gilmore (right) at Bunratty Castle during a visit by a Chinese group to Ireland in 2012

The Irish and Chinese governments have teamed up to create a $100m (€74m) fund to invest in stakes in technology business.

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The China Ireland Technology Growth Capital Fund (“the Fund”) is an equal partnership between the National Pension Reserve Fund (NPRF) here and the Chinese state fund China Investment Corporation (CIC).

The fund was launched by Tanaiste Eamon Gilmore and the Minister for Finance Michael Noonan.

 The new fund will buy minority stakes in Irish and Chinese technology companies involved in trade between the two countries.

The fund itself will be manger by venture capital firms WestSummit Capital, based in Beijing and Atlantic Bridge.

It is the first time China has invested directly in a country, and in a dedicated technology fund.

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