Recovery & Growth Fund

Posted on: 22-March-2021
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Posted on: 22-March-2021
Launch of the Recovery and Growth Fund

DunPort launches €50m fund to support Covid-19 impacted SMEs.

DunPort Capital Management (DunPort) has today (21 March 2021) announced a €50m fund to provide tailored and flexible capital solutions to Irish small and medium sized enterprises whose businesses have been directly impacted by the Covid-19 pandemic. The fund, backed by a €50m commitment from the Ireland Strategic Investment Fund (ISIF), will seek to support well-established, historically profitable Irish SMEs with annual turnovers of between €5m and €50m and funding requirements of between €3m and €15m. Capital from the fund may be used to address Covid-19 related challenges while allowing investee companies to retain existing financing relationships and avoid material shareholder dilution.

“The significant impact of Covid-19 on businesses of all sizes in Ireland will be long lasting,” said Pat Walsh, Executive Director of DunPort. “To ensure that Irish businesses can exit this challenging period with financial stability and poised for recovery and growth, company balance sheets will require restructuring to transition the build-up of unsustainable short term liability balances into manageable longer-term obligations. DunPort is therefore very pleased to offer, with the backing of ISIF, a suitably structured, patient capital solution to businesses in Ireland that most need it,” Mr Walsh said.

“We have seen robust and sustained demand from a wide range of Irish businesses for flexible debt solutions since DunPort was founded in 2017,” added Ross Morrow, Executive Director of DunPort. “Given our strong track record of sourcing and providing flexible debt capital solutions to Irish businesses across a wide range of sectors, DunPort is ideally positioned to support ISIF in the deployment of capital under the Pandemic Stabilisation and Recovery Fund,” Mr Morrow said.

“ISIF is already a significant supporter of Irish SMEs and this is another example of the Fund deploying capital on a commercial basis in support of businesses that generate important economic activity and employment,” said Donal Murphy, Senior Investment Director at ISIF. “This fund offers an effective and flexible way for SMEs to access ISIF capital, as they navigate the challenges created by the pandemic and position themselves for future growth.”

 

About DunPort Capital Management

DunPort Capital Management DAC (‘DunPort’) is a leading Irish asset management company focused on the private debt asset class. Founded in 2017, DunPort provides flexible debt and hybrid capital solutions for SMEs and mid-sized corporates across Ireland and the UK.

DunPort’s experienced team has a proven track record of lending in the lower mid-market having invested over €700m of capital across 49 different transactions in support of 36 companies.

Since 2018, DunPort has provided a variety of flexible capital solutions to companies across a broad range of sectors, including KB Associates, Pinewood Laboratories, ESS Modular, Rye River Brewing Company, Dortek, Unity Technology and Walsh Whiskey.

About ISIF

The Ireland Strategic Investment Fund (ISIF), controlled and managed by the National Treasury Management Agency (NTMA), is a flexible, long-term, sovereign investment partner with a unique mandate. The ISIF is comprised of the Discretionary Portfolio and the Directed Portfolio. The Discretionary Portfolio (€8.6 billion) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.

https://www.dunportcapital.ie/

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