Expansion of Kernel Capital Growth Funds

PUBLISHED: 4th January 2016

We advised long standing client Kernel Capital on a investment into the Kernel Capital Growth Fund (NI) by the New York State Common Retirement Fund, the third largest public pension plan in the United States, and Invest Northern Ireland.

The Bank of Ireland Kernel Capital Growth Funds are parallel funds investing in both jurisdictions on the island of Ireland. They are managed by Kernel Capital with Bank of Ireland, Enterprise Ireland, Invest Northern Ireland and the New York State Common Retirement Fund being the investors in the Funds.

This investment has expanded the size of the Bank of Ireland Kernel Capital Growth Funds’ commitments to a total of €70m, with €32m dedicated to the Republic of Ireland and £30m dedicated to Northern Ireland. The Funds are targeting investments in the €1m to €3m range.

Founded in 2002, Kernel Capital is one of the largest venture capital firms in Ireland with offices in Belfast, Cork and Dublin. It provides equity to technology, life science and general industry companies in Northern Ireland and the Republic of Ireland.

The transaction was led by Emmet Scully, Partner and Head of the Corporate and Commercial Department.