NY State Comptroller DiNapoli meets with Irish portfolio companies

Popular News Tags (5481)

  • Thomas P. DiNapoli, New York State Comptroller, visited Dublin last week to meet with Kernel Capital and a number of portfolio companies of the Bank of Ireland Kernel Capital Venture Funds.

    DiNapoli, a long-time Democrat, has been New York State Comptroller since 2007. The Comptroller manages the State’s estimated $192 billion pension fund, as well as auditing the spending practices of all NY State agencies, approving billions in State contracts and spending. Notably, DiNapoli was recently awarded an Honorary Doctorate from the University of Ulster for his investments in Northern Ireland and his commitment to the Peace Process. 

    Last year, DiNapoli announced an investment of £5 million by the New York State Common Retirement Fund in Northern Ireland through the Bank of Ireland Kernel Capital Growth Fund. Established by Invest NI and the Bank of Ireland in 2013, the fund operates with the objective of assisting the growth of Northern Ireland based SMEs.

    Invest NI have committed £15 million to the fund, which is part-financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

    The fund, managed by Kernel Capital, has a number of prominent investees including Silform, Cirdan Imaging, Displaynote Technologies, Causeway Sensors and Waste Systems. Kernel Capital is one of the largest venture capital firms in the country, providing equity to technology, life science and general industry companies in both Northern Ireland and the Republic of Ireland.

    The Fund's investment in Kernel Capital comes from its $115 million Emerging Europe Fund, following an analysis and selection by 57 Stars LLC, which manages the Emerging Europe Fund.

    New York State Comptroller Thomas P. DiNapoli is trustee of the New York State Common Retirement Fund, the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from more than 3,000 state and local government employers.

    Niall Olden, Managing Partner of Kernel Capital, celebrated the work of the fund: “Through this commitment the New York State Common Retirement Fund is demonstrating an appreciation of the commercial opportunities created by innovative export focused Northern Ireland companies. This commitment, combined with the new investment from Invest NI and the existing commitments of Invest NI and Bank of Ireland, ensures the Fund is well positioned to invest throughout Northern Ireland and to accelerate value creation.”

     

Share this story

Recommended News

Northern Ireland News

All Northern Ireland News

Trending News

All Trending News

Innovation News

All Innovation News

World News

All World News