WEST PALM BEACH, FL (HEDGECO.NET) – Bank of Ireland Group announces that it 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 US$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 US$5m in respect of interests in existing funds of funds. PCP has contributed its existing private equity fund of funds business (AUM US$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.
Brian Goggin, Chief Executive, Bank of Ireland Group said: “Today’s announcement of the private equity fund of funds joint venture with Paul Capital Partners represents another step towards our goal of building a diversified portfolio of investment boutiques. Including PCTTI, we can now offer clients access to four specialist investment boutiques in the Asset Management Services Division, each one operating as a discrete investment boutique with the added benefit of the global distribution capability we have built up over many years.”
“One of the exciting aspects of the new partnership is that it will provide us with greater resources and enhanced distribution to expand our private equity fund of funds offerings in sectors like middle-market buyout, emerging markets, and co-investment vehicles across the private equity asset class, as well as other offerings†said David York, Managing Director and CEO of Paul Capital Top Tier Investments. David York will co-lead this new venture with Paul Capital founder, Philip Paul, who will be chairman of PCTTI.
