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Irish win big on Alibaba

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 put up about €20m in funds managed by private equity firm Silver Lake Partners.

Silver Lake was one of Alibaba's biggest supporters, pumping in about $825m (€644m) over several years.

The company has made about $4.6bn (€3.6bn) profit after Alibaba listed on the New York Stock Exchange.