MML raises €125m fund for Ireland
Enterprise Ireland has backed MML Capital Partners as a cornerstone investor in a new fund to back SMEs in Ireland.
MML, an international growth investor with 25 years' experience, was awarded the mandate from Enterprise Ireland last December. The fund surpassed its target to reach its €125m hard-cap.
An MML office has been set up in Dublin to manage the fund, led by Neil McGowan and Rory Quirke. McGowan joined from FL Partners, while Quirke joined from Trinity Venture Capital. There are plans to add more investment professionals to the team.
Investors
The vehicle, MML Growth Capital Partners Ireland, received a €25m commitment from Enterprise Ireland. Commitments also came from AIB Group, GoldPoint Partners, two US subsidiaries of Cigna Corporation and the European Investment Fund.
Investments
The fund will invest €2-12m in Irish SMEs, providing capital for organic and acquisitive growth, shareholder reorganisations and deleveraging. The deals can be a combination of debt and equity, minority and growth investments. MML will aim to internationalise Irish businesses through its global network.
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