BKIR.L Regulatory News (BKIR)

20 Jun 2006 11:09

Bank of Ireland(Governor&Co)20 June 2006 BANK OF IRELAND GROUP AND PAUL CAPITAL ANNOUNCE PRIVATE EQUITY FUND OF FUNDSJOINT VENTURE Bank of Ireland Group announces that it has established a joint venture withPaul Capital Partners (PCP), a leading US private equity specialist, to provideprivate equity fund of funds products and advisory services to institutional andother investors worldwide. The new joint venture will be called Paul Capital TopTier 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 mayincrease 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 inexisting funds of funds. PCP has contributed its existing private equity fund offunds business (AUM US$1.1bn), including the firm's fund of funds team andassociated investment resources and facilities in return for a 35% interest. Keymanagement own the remaining equity. Brian Goggin, Chief Executive, Bank of Ireland Group said: "Today's announcementof the private equity fund of funds joint venture with Paul Capital Partnersrepresents another step towards our goal of building a diversified portfolio ofinvestment boutiques. Including PCTTI, we can now offer clients access to fourspecialist investment boutiques in the Asset Management Services Division, eachone operating as a discrete investment boutique with the added benefit of theglobal distribution capability we have built up over many years." "One of the exciting aspects of the new partnership is that it will provide uswith greater resources and enhanced distribution to expand our private equityfund of funds offerings in sectors like middle-market buyout, emerging markets,and co-investment vehicles across the private equity asset class, as well asother offerings" said David York, Managing Director and CEO of Paul Capital TopTier Investments. David York will co-lead this new venture with Paul Capitalfounder, Philip Paul, who will be chairman of PCTTI. Ends Date: 20 June 2006 For further information contact: Dan Loughrey Head of Group Corporate Communications 353 1 604 3833Geraldine Deighan Head of Group Investor Relations 353 1 604 3501 Editor's Notes Bank of Ireland Group Bank of Ireland Group is the leading provider of financial services in theRepublic of Ireland and has a major presence in the UK market. Bank of Irelandhad assets of €162.3 billion and generated pre-tax profits of €1,599 million inthe year ended 31 March 2006. The Asset Management Services Division currently consists of the following: • Bank of Ireland Asset Management - assets under management €45.1bn as at 31 March 2006. • Iridian Asset Management - assets under management US$10.7bn as at 31 March 2006. • Guggenheim Advisors which was acquired in January 2006 - assets under management US$2.9 bn as at 31 March 2006. • Bank of Ireland Securities Services, the custody and fund administration arm of the Group. Paul Capital Partners Paul Capital Partners is a global private equity firm with over US$4 billion of capital commitments under management. The firm offers a wide range of alternative investments, including private equity fund of funds, private equity secondaries, and healthcare royalty and revenue interests. Founded in 1991, Paul Capital's investors include an array of prominent institutional investors, endowments, family offices and other investors in the private equity asset class. The firm employs more than 60 staff in San Francisco, New York, London, Paris and Toronto. The formation of PCTTI represents the strategic evolution of one of PaulCapital's three investment lines - the Top Tier fund of funds business. WhilePCTTI doesn't directly impact Paul Capital's other businesses, private equitysecondaries and healthcare royalty and revenue acquisitions, these businessesexpect to benefit from access to new relationships with private equity fundsponsors and investors who will find Top Tier's expanded product offeringsattractive. Ends This information is provided by RNS The company news service from the London Stock Exchange