Irish SMEs

Over €280m raised to support Irish SMEs




DunPort Capital Management has announced the close of a €283m (approximately £248m) funding round for Elm Corporate Credit DAC, a credit vehicle for SME and mid-sized corporates.

Elm – which will be managed by DunPort – has secured commitments from a number of domestic institutional investors.

Via the fund, DunPort will provide debt capital solutions for SMEs and mid-sized corporates across Ireland.

Businesses generating revenues in excess of €5m (approximately £4.4m) will be able to access the finance to scale up their activities through investment and development expenditure, acquisitions, recapitalisations or to resolve legacy financing issues.

Pat Walsh, executive director at DunPort, said: “Over the past five years, we have seen sustained and robust demand from a wide range of Irish businesses for flexible debt solutions.”

Since 2013, DunPort has completed 35 transactions, totalling circa €420m (approximately £367.9m), with 23 borrowers through the platform previously known as BlueBay Ireland Corporate Credit I DAC (BICC).

“We look forward to continuing to provide companies with capital that will allow them to grow their businesses on a non-dilutive basis,” added Pat.

“As a locally owned, managed and funded non-bank credit platform, we look forward to continuing our strong relationship with our institutional investors and our network of intermediaries and advisers to continue to provide alternative debt capital to Irish SMEs and mid-sized corporates.”

Ross Morrow, executive director at DunPort, added: “We are delighted to have reached first close within our expected timescale.

“We are in active discussions with a number of potential borrowers and we are looking forward to building on the track record of BICC as Ireland’s leading alternative debt capital provider.”

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