NY pensioners, EU banks and Naughton back city business

NEW YORK pensioners, European banks and billionaire white goods tycoon Martin Naughton are amongst those funding a range of Northern Ireland companies including Londonderry-based Biznet Solutions, which has an office in Bishop Street, the Sentinel has learned.
By Kevin Mullan
Published 9th Mar 2013, 09:49 BST

Investment Minister Arlene Foster revealed the New York State Pension Fund, the European Investment Fund and Martin Naughton were three private investors from outside Northern Ireland who have contributed to the Crescent Capital investment fund since May 2005.

It’s the second incarnation of Crescent Capital - a Belfast based venture capital fund manager - which says that its primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences and manufacturing sectors.

Hide Ad
Hide Ad

Its first fund commenced in 1995 but it’s under Crescent Capital II that New York, Europe and Mr Naughton have come on board.

According to Mrs Foster: “Crescent Capital II LP was established as a £22.5 million fund under a 10 year limited partnership agreement, with the option to extend the fund by two years.”

Crescent holds a list of investments in its portfolio - mostly in the Belfast area - but it has also invested in Biznet Solutions, which has a presence in Londonderry.

Related topics:Arlene FosterNorthern IrelandBelfast