Global growth equity fund Atlantic Bridge Capital and Chinese growth stage technology investor WestSummit Capital have launched Summit Bridge Capital to manage the $100m China Ireland Technology Growth Capital Fund.
The fund has received cornerstone support from Ireland’s National Pensions Reserve Fund (NPRF) and Beijing-based China Investment Corporation (CIC).
The fund’s strategy will be to make equity investments in technology companies with a presence in Ireland that have a “substantial or strategic interest” in China, and in Chinese fast-growing technology companies that have a similar presence or interest in establishing a presence in Ireland as a gateway into the broader European market. The fund will target companies operating in core technology sectors such as internet, software, semiconductors and clean technology and areas of technology for which the fund’s strategy is uniquely positioned, including but not limited to agriculture, food, medical and financial services.
Raymond Yang, managing partner of WestSummit Capital, said, “Ireland plays a critical role as a major hub of activity connecting Europe with international markets, and as a centre of technology innovation in the region. China represents one of the largest and fastest growing markets in the world for nearly every category of technology-related products and services. We believe that there is a highly attractive investment opportunity for the China Ireland Technology Growth Capital Fund to further link these two dynamic economies through a highly focused cross-border strategy. We are excited to partner with NTMA, CIC and Atlantic Bridge in this endeavour”.
Elaine Coughlan, co-founder and general partner at Atlantic Bridge Capital, added, “We are already seeing strong interest from Irish technology companies in the Chinese market and believe this new fund is uniquely positioned to add value to these companies as they scale in China”.
WestSummit invests in the internet, mobile, cloud computing and IT-enabled clean tech sectors with a focus on rapidly growing enterprises that have a substantial presence in or a strategic interest in China. It operates from offices in Beijing, Silicon Valley and Hong Kong.
Atlantic Bridge focuses on technology investments with offices in Dublin, London and Silicon Valley.
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