Richard Bruton, Jobs Minister, said it was the first time that several big names in Irish business had committed to an investment fund, giving both expertise and funding. He stated
“They will help companies to grow internationally, so it will create employment opportunities in the future".
Mr Bruton has also said that Enterprise Ireland (which is investing €25m in this scheme) is "getting more for its buck" with another €20m also being invested bit Bank Of Ireland and €30m from corporate investors. He admitted that the fund was plugging a gap in the market but denied that it was created because the banks are failing businesses. He had stated
"I think no matter whether or not the banks were in a healthy state, we would have to build out non-bank sources of finance".Sums of money ranging from €2m to €10m will be granted over the next three years to firms which already have an annual turnover of €15m to €50m - with the aim to bring them to the €100m-€200m level says Sinead Heaney, Investment director.