Delta Partners announces €100m fund

Dateline: 8 October 2007

Delta Partners today announces a first closing of its latest venture capital fund – ‘Delta Equity Fund III’.

Delta Partners has raised €100 million to invest in early stage companies in Ireland and the United Kingdom. The first closing significantly exceeded initial expectations of €75 million. The fund is targeting approximately €150 million in commitments.

Investors who backed the fund comprise a range of international and Irish institutions. They include Wellcome Trust, Enterprise Ireland and the National Pensions Reserve Fund.

Delta is one of the forerunners of venture investing in Ireland and the United Kingdom, having raised its first fund in 1994. The new fund will continue its longstanding strategy of investing across diverse sectors such as business services, software, Internet, semiconductor and medical devices.

Delta’s management team, the senior members of which have been together since the 1990s, have demonstrated capability in building and financing early stage technology companies.

Geoffrey Love of Wellcome Trust commented: “Delta Partners have carved out a first class franchise for early stage investing. Ireland and the United Kingdom continue to be the most attractive markets in Europe for venture investing. We are delighted to rejoin them in their new fund.”

Ronan Cunningham, Head of Private Equity at the National Pensions Reserve Fund commented: “We are delighted to make Delta Equity Fund III the NPRF’s first commitment to a venture capital fund based out of Ireland. Delta is long established in the Irish and U.K. markets and has proven expertise in early stage technology investing.”

Frank Kenny of Delta Partners commented: “The market for early stage investing in Ireland and the United Kingdom has matured significantly since the heady days of the late 1990s and the technology depression of 2001-2004. We are seeing an excellent flow of new companies developing exciting products and services targeting large global markets. We believe 2007-10 will prove to be one of the most attractive periods for venture investing, given the high level of innovation in Europe and the low level of competition from other venture capital sources.”

Delta has invested in about 50 early stage companies throughout its history, with many successes including Toucan Technology, O’Learys, DRM, Similarity Systems, Pharmagene, County Media and recently floated AGI Therapeutics.

The partners in Delta Partners are Frank Kenny, Shay Garvey, Maurice Roche, Dermot Berkery, Joe Mason, Rob Johnson and John O’Sullivan.

For further information: Dermot Berkery 00-353-1-2940870; mobile 00-353-86-6863046; dermot@delta.ie