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(Alliance News) - Foresight Group Holdings Ltd said on Monday it has been appointed by Irish financial services provider AIB Group PLC to manage a new small and medium-sized enterprise equity fund.
The infrastructure and private equity investment manager will manage the AIB Foresight Impact Fund. The fund aims to "support Irish businesses to contribute to a more sustainable future" with equity investments of between EUR2 million and EUR5 million.
AIB will be a cornerstone investor in the fund, having signed an initial commitment of EUR30 million. The fund will target a total raise of EUR75 million over time.
Foresight will open its first office in Dublin shortly, it said.
"The AIB Foresight Impact Fund represents an exciting new partnership and geographic expansion for the group and is further evidence of the tangible progress we are making towards delivering our strategic growth plans," said Executive Chair Bernard Fairman.
Foresight shares closed 4.5% higher at 397.00 pence each in London on Monday.
By Sophie Rose; sophierose@alliancenews.com
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