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UK - Bank of Ireland and Paul Capital Partners launch fund-of-funds

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Bank of Ireland has established a joint venture with Paul Capital Partners (PCP), a leading US private equity specialist, to provide private equity fund-of-funds products and advisory services to institutional and other investors worldwide. The new joint venture will be called Paul Capital Top Tier Investments, LLC (PCTTI) and will be based in San Francisco, California.

Bank of Ireland Group has paid $25m in cash for a 50% share in PCTTI and may increase its shareholding up to 70% no earlier than 2008 on a pre-agreed basis. In addition Bank of Ireland Group has paid $5m in respect of interests in existing funds of funds. PCP has contributed its existing private equity fund of funds business ($1.1bn), including the firm’s fund of funds team and associated investment resources and facilities in return for a 35% interest. Key management own the remaining equity.
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