Causeway Capital has launched a new €60m private equity fund for SMEs in Ireland and the UK. The fund will invest growth equity and buyout transactions of companies requiring up to €10m of equity capital.

Causeway Capital said that it had secured investments in the fund from the Ireland Strategic Investment Fund (ISIF) and AIB, as well as from a number of private investors.

Causeway Capital was founded in 2015 and is looking for Irish SMEs with strong growth prospects, as well as overseas companies with the potential for growth in Ireland, with its new fund. The company has offices in Dublin and London.

David Raethorne and Matt Scaife are Causeway Capital’s founders, and were previously involved in a number of successful SMEs, including Helix Health and Smiles Dental. Causeway Capital has already completed two investments in Irish SMEs: bb’s Coffee and Muffins in March 2015 and Bizimply in April of this year.

According to Matt Scaife, Irish SMEs are some of the most innovative, successful and resilient businesses. “There is a real need for this sort of funding to help them grow in Ireland and overseas,” he continued.

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David Raethorne added: “We have experience of founding and growing these types of businesses in Ireland and the UK and understand the opportunities and challenges they face.

“We believe that Causeway Capital is uniquely placed to help these businesses achieve a step change in their growth, with a combination of funding and support for management teams and owners.”

AIB Corporate Finance is advising Causeway Capital on fundraising. King and Wood Mallesons and William Fry are acting as legal advisers to Causeway Capital, while Proskauer acted as legal adviser to the Ireland Strategic Investment Fund.

Photo: L-R Eugene O’Callaghan, Ireland Strategic Investment Fund; David Raethorne, Causeway Capital; Ray Fitzpatrick, AIB; and Matt Scaife, Causeway Capital (Pic: Maxwell Photography)