Bank of Ireland backs PCTTI

Bank of Ireland has joined forces with Paul Capital Partners of the US to establish a private equity fund-of-funds. Bank of Ireland has invested US$25m in Paul Capital Top Tier Investments (PCTTI) and may increase its stake up to 70% no sooner than 2008. Paul Capital has taken a 35% interest in the venture, contributing its existing private equity fund-of-funds business and its fund-of-funds team as well as the associated investment resources and facilities. Key management owns the rest of the equity.

Philip Paul, founder of Paul Capital, and David York, managing director and CEO of Paul Capital, will lead PCTTI. York said: “One of the exciting aspects of the new partnership is that it will provide us with greater resources and enhanced distribution to expand our private equity fund-of-funds offerings in sectors like middle-market buyout, emerging markets, and co-investment vehicles across the private equity asset class, as well as other offerings.”