New Irish private equity firm launches first €60m fund
New Irish private equity firm Causeway Capital has launched its first fund to be invested in small and medium businesses in the UK and Ireland.
The Causeway Capital Partners I LP Fund has secured cornerstone investments from the Ireland Strategic Investment Fund (ISIF) and AIB, as well as funding from a number of private investors. Some €50m has been raised and the fund remains open to additional investors up to a ceiling of €60m.
The fund will provide investments of up to €10m to Irish small and medium businesses with strong growth prospects. It will also be available to UK companies which have the potential to grow in Ireland.
Causeway Capital operates from offices in Dublin and London and say it has plans to expand its team in both locations.
Its founders are David Raethorne and Matt Scaife, who were previously involved with a number of successful businesses including Helix Health and Smiles Dental.
Founded last year, their firm has so far completed two investments - in BB's Coffee and Muffins (March 2015), and earlier this month in Bizimply. BB's Coffee has opened six new stores since then and has plans to grow the estate to 100 locations by 2020.
Bizimply, which raised €2m from Causeway and Dave McClure's venture capital firm 500 Startups, will use the cash injection to double its team and open UK and US offices.
"Irish SMEs are some of the most innovative, successful and resilient businesses," said Scaife. "There is a real need for this sort of funding to help them grow in Ireland and overseas."
Sunday Indo Business