New Donegal office for $83bn fund Pricoa
London, Paris, Frankfurt, Milan, Sydney, Mexico City... Letterkenny. A business park on the edge of the Co Donegal town is the latest global office for Pricoa Capital, an investment fund that manages a more than $83bn portfolio.
The global investment firm has been authorised by the Central Bank of Ireland as an Alternative Investments Fund Manager (AIFM).
Pricoa is the private placement investment arm of PGIM Inc, which in turn is the global investment management business of Prudential Financial, a US-headquartered Fortune 500 company.
In the first half of 2018 alone, Pricoa provided $5.3bn of debt and capital to mid-market companies and projects globally.
It is no stranger to the Irish market. Last year Irish housebuilder Cairn Homes completed a €72.5m loan placement with Pricoa. In 2017 Pricoa was part of an up to €230m debt deal for ferry operator Irish Continental Group.
It was recently reported that Spanish champions Barcelona had used a €140m funding deal from the investment fund to help them compete with wealthy rivals such as Manchester City and Paris St Germain.
The Central Bank authorisation allows the Irish arm of Pricoa to receive and transmit orders, to give investment advice and to engage in individual portfolio management from its new Donegal base.
Documents in the Companies Registration Office show that the new Irish arm of the investment giant, Pricoa Capital Group (Ireland) Limited was established last October but parent company PGIM put €2m into the company in recent weeks via a shares placement.
The new investment operation is based at the now two-year-old €42m Letterkenny campus of Pramerica, another Prudential subsidiary. It supplies the financial giant with a wide range of technology and security services and is already the biggest employer in the northwest.
Pricoa's global press office declined to comment or confirm the potential headcount at the new operation.
Sunday Indo Business