DunPort Capital Management (“DunPort”), a leading Dublin based alternative investment manager, today announced the first close of its €200m SME-focused direct lending fund, Willow Corporate Credit DAC (“Willow”). The fund is backed by a €100m commitment from the Ireland Strategic Investment Fund (“ISIF”) and other institutional investors including the European Investment Fund and the Construction Workers' Pension Scheme. Willow remains open to additional institutional and private investors ahead of a targeted final close of €500m.
Willow will target established businesses with earnings between €1m and €10m, providing tailored financing for buyouts, refinancings, recapitalisations, acquisitions and growth capital. The fund will continue to focus on DunPort’s core markets of Ireland and the UK while continuing to expand its reach into the Benelux region.
The continued expansion of DunPort’s offering is underpinned by the growing demand for private markets. DunPort previously launched Oak Corporate Credit DAC (€335m in 2021) and Elm Corporate Credit DAC (€283m in 2018). In addition, DunPort continues to invest Alder Corporate Credit DAC, the British Business Investments Ltd backed £50m fund established in 2024 which targets SMEs in the UK and the €50m ISIF backed Recovery and Growth fund launched in 2021 to support Irish businesses.
Pat Walsh, Executive Director at DunPort, commented:
“Demand for flexible debt solutions from SMEs and mid-sized businesses across Ireland, the UK, and Benelux remains robust, highlighting the critical role of alternative lenders in these markets. We have seen increasing demand from investors seeking greater access to private markets as they continue to seek to diversify their portfolios. We are delighted to continue to expand our offering across Europe as we look to deliver attractive risk adjusted returns for our investors.”
Ross Morrow, Executive Director at DunPort, added:
“Our strategy continues to centre on providing targeted financing solutions to the lower mid-market in Ireland, the UK, and Benelux. These regions present substantial opportunities where businesses are often underserved by traditional lenders. This fund is designed to offer borrowers efficient, flexible, and tailored capital, combined with a long-term partnership approach. By focusing on consistency, certainty of execution, and direct access to decision-makers, we aim to address the evolving requirements of SMEs and mid-sized corporates across our markets.”
Nick Ashmore, Director, ISIF said:
“ISIF is a longstanding and significant supporter of Irish SMEs and this new DunPort fund is a good example of how ISIF capital is being deployed to support growing Irish businesses. Our commitment to the Willow Fund is well positioned to support innovative businesses as they scale and develop. We look forward to working with DunPort again as a long standing ISIF partner, having supported its funds consistently since its establishment.”
DunPort and ISIF’s partnership has realised over €530m worth of business loans in the Irish market since 2018.