15 June 2016 - The Ireland Strategic Investment Fund today announced the completion of a £33 million cornerstone investment in Draper Esprit plc, a leading European venture capital firm, providing a new source of long-term patient capital for high-potential Irish, UK and European based technology companies.
As consideration for the Fund’s participation in the today’s IPO, which includes a new investment commitment of £15 million, Draper Esprit has committed to invest at least a further £30 million in Irish high-potential technology companies over the next five years and to strengthen its Dublin presence.
Following today’s IPO the Fund owns a 27% equity interest in Draper Esprit alongside leading investors including Woodford Investment Management, Baillie Gifford and China Huarong International Holdings Ltd.
The Ireland Strategic Investment Fund’s participation in today’s IPO includes a pre-existing investment made by its predecessor, the National Pensions Reserve Fund, to Draper Esprit’s flagship venture capital fund in 2010 and which has to date generated attractive returns and provided financial and strategic support to several Irish based high-growth technology companies including Mobile Travel Technologies (acquired in 2015 by Travelport (NYSE:TVPT)), Datahug, Getbulb and Movidius.
Ireland Strategic Investment Fund Director Eugene O’Callaghan, said: “We have enjoyed a strong working relationship with the Draper Esprit team since 2010 and we are pleased to build on that partnership through today’s IPO, which gives them the platform to support emerging high-potential technology companies for longer and aligns closely with our patient–capital perspective.”