ACT secures €20m commitment from EIF for new fund

According to a statement issued by the LP, the Ireland-based VC is targeting more than €90m for the fund.

ACT's managing director, John Flynn, recently told the Irish Times the vehicle has a hard-cap of €100m.

Coinciding with the announcement, the VC appointed Conor Mills, formerly of Paddy Power, as an associate, and Tomas Miranda, formerly of McKinsey & Company, as a senior investment associate.

Investors
In addition to EIF, the vehicle has raised commitments from the Ireland Strategic Investment Fund, Enterprise Ireland, Allied Irish Banks and private investors.

Investments
ACT V will target 15-18 investments in export-focused Irish companies in the software, internet, digital media, communications and mobile sectors. It will have an investment period of four years and will write equity cheques of up to €7m.

People
ACT Venture Capital – John Flynn (managing director).

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