BoI, Paul Capital Establish PE Fund of Funds

Jun 23 2006 | 7:30pm ET

Bank of Ireland Group and Paul Capital Partners have established a joint venture that will provide private equity funds-of-funds products and services to institutional investors. The joint venture will be called Paul Capital Top Tier Investments.

The joint venture will consist of Paul Capital's existing funds-of-funds business, including personnel, investment resources and facilities. Paul Capital will own 35% of the firm, while Bank of Ireland Group will pay $25 million for a 50% share of the company, which can be increased to 70% no earlier than 2008. Bank of Ireland will also pay $5 million in respect of interests in existing funds-of-funds.  Key executives will own the remaining equity.


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