| Venture capital firm backs Irish prospects |
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European venture capital company 3i, plans to significantly grow its current Irish investment portfolio of £48 million over the next five years despite any potential slowdown in the Irish economy, according to Clive Austin, director of 3i Ireland. He was the opening of the company’s new Irish office and their Irish market strategy.
Austin said that the evidence from 3i’s European portfolio suggests that growth rates over the last two quarters have declined while published data indicates that Ireland will experience growth of five to six per cent for the coming year. He said that the Irish economy will have to work hard to deliver sustained out-performance at that level.
He said that while the outlook for Ireland could be more challenging in the short-term he said the company had the appetite to keep investing through the economic cycle. ‘3i’s decision to open an office in Ireland is a strategic one and is not based on short-term growth statistics. Ireland is an attractive market with core strengths such as a highly educated and flexible labour force with supportive demographics. The Irish market will remain an attractive market and one where 3i can use its scale in terms of capital and networks to find, transact and develop successful investments,’ added Austin.
3i’s newly established Dublin office is looking for both technology/growth deals and leveraged buy-outs. To date 3i has invested £48 million in a portfolio of 17 businesses. |
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| Article appeared in the July 2001 issue.
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