Irish government launches enterprise fund

Mary Harney, Ireland's minister for enterprise, has launched a 420m venture capital fund focused on investing in companies whose intellectual property arises from third level education institutional research. Enterprise Ireland has committed e8.6m to the fund which is being managed by 4th Level Ventures, a subsidiary of Dolmen Securities Limited. The two funds, which were announced at the launch, were the 4th Level Venture Seed Fund and 4th Level Venture Fund. The 4th Level Venture Seed Fund will invest in high potential start-up companies arising from research carried out in Irish third level educational institutions. The 4th Level Venture Fund will invest in development capital in established companies whose origins lie in third level educational institutions globally. Both funds target opportunities that provide for capital appreciation through rapid acceleration of revenues typically arising in the life sciences, communications and information technology, material sciences and technology sectors.

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• UK / Ireland