Crescent Capital announces Crescent III

The fund has a lifespan of 10 years and an investment period of five years. It was established under the Access to Finance portfolio of Invest Northern Ireland (Invest NI), a regional business development agency. Access to Finance is a family of debt and equity funds established by Invest NI and managed by chosen venture capital firms.

The announcement of Crescent III comes after an uncertain year of fundraising for the firm's third vehicle. According to Crescent, the firm fell short of the minimum £22.5m close target set by Invest NI for its Development Funds last summer.

Crescent then retendered for Invest NI's Development Funds this year, which had a lower first close target of £15m, and managed to raise the £7.5m of private investment needed to manage the Invest NI Development Fund.

Crescent III is being launched alongside a separate fund set up by Invest NI under the same fund family. Kernel Capital has been chosen to manage Invest NI's other new vehicle, named Bank of Ireland Kernel Capital Growth Fund (NI). Both funds fall under the title of Development Funds in the Access to Finance portfolio.

The two firms, Kernel and Crescent, were chosen as the funds' managers following a "competitive tendering process".

Investors
Invest NI is a cornerstone investor of the fund, having committed £15m under its Access to Finance portfolio scheme.

Investments
Crescent III will focus on investing in SMEs based in Northern Ireland. The fund will aim to make four investments per year with equity tickets ranging from £450,000-2m.

People
Colin Walsh is the CEO of Crescent.

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