A group of Irish investors are sitting on profits worth millions of euro after backing the Chinese technology giant Alibaba.
Davy Private Client are understood to have put together a group of investors who invested about €20m in funds managed by private equity firm Silver Lake Partners. Silver Lake was one of the biggest supporters of Alibaba, pumping about $825m into it in a number of tranches over several years.
The company has made about $4.6bn profit after Alibaba listed on the New York Stock Exchange last Friday.
Shares in the company jumped by more than a third within minutes of going public. The shares closed at $93.89 after opening at $68.
The Irish investors that were assembled by Davy are thought to have numbered in the "tens rather than hundreds".
The consortium put in about €20m into the Silver Lake fund, which also invested in another Chinese retailer - JD.com.
JD.com went public in May and the move has been a success so far.
That firm's shares priced at $19 a share when it began trading. Those shares had since gone up to $28.35 by the close of trading last Friday.
Alibaba was one of the biggest listings in history, valuing the firm at $231bn.