PRESS RELEASE
Monday 4th April 2011
Strategic alliance between Monaco Private Equity
& Venture Capital Association (MVCA) and Irish Venture Capital Association (IVCA)
Partnership will see increased collaboration and sharing of investment opportunities
The Irish Venture Capital Association (IVCA) and the Monaco Private Equity & Venture Capital Association (MVCA) met at the Enterprise Ireland headquarters in Dublin today (Monday 4 April 2011) and signed a formal partnership agreement setting out key areas where both organisations will collaborate with a view to benefiting from each others experience, capabilities and networks. This new partnership will pave the way for the sharing of investment opportunities leading to increased syndicated international VC investments.
The meeting took place on the occasion of the State Visit of HSH Prince Albert II of Monaco and his fiancée Ms Charlene Wittstock to Ireland. The MVCA is one of the participant organisations which is accompanying the Prince as part of the Business Delegation which has been organised by EnterpriseIreland and the Monaco Chamber of Economic Development.
The IVCA and the MVCA intend to exploit their new relationship through a number of joint initiatives which will include an annual event where VC members of both organisations can meet to discuss investment approaches and review potential joint investment opportunities.
Commenting on the partnership, Regina Breheny, Director General of the IVCA said: ‘Ireland has an excellent pipeline of young high tech companies looking for venture capital. Irish SMEs typically raise funds from Irish and international VCs through syndicated deals arranged by the Irish VC sector. The IVCA welcomes thisopportunity to expand its base of syndication partners and looks forward to collaborating with the MVCA, particularly in the area of supporting indigenous entrepreneurs’.
Zsolt Lavotha, Chairman of MVCA Executive Board added: ‘This collaboration will allow for an increased pool of deal flow for our members from outside the Principality. It will facilitate an open dialogue between both organisations enabling shared investment opportunities contributing to the economic growth in both countries’.
Des Doyle, Growth Capital Manager in Enterprise Ireland, commented: ‘I am pleased to be able to state that, in recent years, over 40 international VC firms have co-invested with local Irish VC funds and Enterprise Ireland in Irish companies. International investment syndication is something we are actively encouraging and facilitating; the link-up between the MVCA and the IVCA is a link that has the full support of EnterpriseIreland’.
ENDS
For further information contact:
Eileen Banks, Press Officer, EnterpriseIreland.
Tel: + 353 1 7272805 or Mob: +353 87 2445814
Regina Breheny, Director General, Irish Venture Capital Association,
Tel: +353 87 0517754
Notes to editors:
About the Irish Venture Capital Association (IVCA)
The Irish Venture Capital Association is the representative organisation for venture capital firms in Ireland. Irish VCs have invested €1.5 billion in Ireland in the last ten years and have successfully leveraged a further €1.5bn from international investors into the Irish market.
The Monaco Private Equity & Venture Capital Association (MVCA)
The Monaco Private Equity and Venture Capital Association (MVCA) is an independent, non-profit association of organizations, companies and professionals who are active in the Monegasque private equity community.
MVCA organizes and hosts events which generate deal flow, provide know-how transfer and networking opportunities. MVCA supports an active exchange of information among its members, the local government; business community; and represents the common voice of the Private Equity community in Monaco.