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JV for BOI Back  
Bank of Ireland Group (BOI) has established a joint venture with Paul Capital Partners (PCP), a 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.

BOI paid $25 million in cash for a 50 per cent share in PCTTI and may increase its shareholding up to 70 per cent no earlier than 2008 on a pre-agreed basis. In addition, BOI has paid $5 million in respect of interests in existing funds of funds.

Brian Goggin, chief executive, BOI said that the development was another step towards the bank’s goal of building a diversified portfolio of investment boutiques.

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