Investment firm DunPort to get £90m funding from UK bank
The company, which finances debt capital to businesses in Ireland, the UK, Belgium, the Netherlands and Luxembourg, will receive the funding – a £40m uplift on an original funding amount – from British Business Bank to support lower mid-market companies based in the UK through its co-investment vehicle, Alder.
Alder provides tailored debt capital solutions to companies that have a turnover of less than £100m that are predominantly based, headquartered or operating in the UK.
Since last year, Alder has invested £24m across five portfolio companies. It co-invests with DunPort-managed funds including Oak Corporate Credit DAC and Willow Corporate Credit DAC.
'The UK is a strategic market for DunPort and one in which we are continuing to experience strong and sustained demand from a wide range of sponsors, advisers and business owners for flexible debt solutions,' said Pat Walsh, executive director of DunPort.
'The investment will help increase our capacity and will help enhance our position as an alternative debt capital provider in the UK alongside our other core markets of Ireland and the Benelux region.'
Founded in 2017, DunPort says it has advanced over €1bn to 70 companies since its formation and holds over €800m in assets.
The company has an investment team of 20 professionals spread around Dublin, London and Amsterdam. Currently, it works to offer flexible debt and hybrid capital funding for SMEs and mid-sized corporates across Ireland.
DunPort investors include the Ireland Strategic Investment Fund (ISIF), the European Investment Fund and a number of other institutional investors.
Earlier this year, DunPort said it completed the first close of a €200m fund for Irish SMEs with the help of ISIF.
It said it aimed to support companies with earnings of up to €10m.
Mr Walsh confirmed it will continue to work with businesses in Ireland and the UK, while it works to expand its services with companies in the Benelux region.
The British Business Bank has financed around 64,000 small businesses with £17.4bn since it was set up in 2014.
Managing director Adam Kelly said its intention was to drive sustainable growth for SMEs.
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