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DunPort raises €335 million for small business loans with government and EU support

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Irish-owned wealth manager DunPort Capital Management has raised a total of €335 million in small business lending in Ireland and the UK.

The fund is backed with €70 million from the European Investment Fund (EIF), the EU’s dedicated lender for small businesses, and €95 million from the Ireland Strategic Investment Fund (ISIF).

The Oak Corporate Credit fund, launched last July, has already awarded around EUR 90 million to small and medium-sized enterprises (SMEs) with income of between EUR 1 and 10 million.

Support from the EU and the Irish government increases the fund’s size from €255 million when it first closed last September.

“We continue to see strong and sustained demand for flexible debt solutions from a variety of advisors, sponsors and business owners in both Ireland and the UK,” said Pat Walsh, Executive Director of DunPort.

“The additional capital, which includes a significant commitment from the European Investment Fund, will facilitate continued support for SMEs in our core markets.”

The EIF subscription is the first diversified debt fund investment in Ireland by the specialist venture finance provider. The EIF is part of the European Investment Bank, the long-term lending arm of the EU.

The agreement between Oak and the EIF is backed by an EIB guarantee fund, part of the EU’s larger €750 billion pandemic package agreed in 2020.

“Through this investment we will help support the economic recovery of Irish companies and drive growth, innovation and jobs in Ireland,” said Alain Godard, Chief Executive Officer of the EIF.

Since its inception in 2017, DunPort has already committed EUR 440 million in 43 different transactions involving 27 companies.

https://www.independent.ie/business/irish/dunport-raises-335m-for-small-business-loans-with-state-and-eu-backing-41702753.html DunPort raises €335 million for small business loans with government and EU support

Fry Electronics Team

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