Northern Ireland Growth Fund and Crescent Capital seek Connecticut investment; presenters offer materials and request meetings with state officials

Representatives of the Northern Ireland Growth Fund and Crescent Capital presented a pitch to the Connecticut-Ireland Trade Commission seeking Connecticut participation in a £100 million development capital fund focused on Northern Ireland and adjacent border counties.

Colin Walsh, CEO of Crescent Capital, described the fund’s structure and geographic remit as covering Northern Ireland’s six counties and six adjacent border counties in the Republic of Ireland. “It’s a £100,000,000 development capital fund,” Walsh said, adding that the fund would be managed from Belfast and would rely on Crescent’s networks and introducers.

Walsh and other presenters said earlier funds had invested in 38 businesses and helped create more than 2,000 jobs across three prior funds. The presenters cited prior investment from the New York State Common Retirement Fund (controller Tom DiNapoli) as a model that both generated returns and encouraged further investment. A presenter said DiNapoli’s investments produced returns “in the top 10% globally.”

The fund targets companies across sectors to support jobs and exports in areas with historically low levels of private capital. Presenters said the remit includes manufacturing and exporting enterprises as well as leisure and hospitality businesses tailored to the border region’s needs.

Commissioners asked about investment parameters and community impact. On employment standards, presenters said legislation in Northern Ireland and the Republic prohibits employment discrimination on religious grounds and that the fund prefers companies that offer open equal opportunity and that would welcome trade-union participation where appropriate.

Commissioners also asked about the level of private co-investment in the target counties; presenters said commercial investor presence is concentrated in Belfast, with angel investing present at a smaller scale in other counties. Presenters described the investment gap in the border region and said institutional capital was needed to support larger projects.

A commissioner asked about tariffs on distilled spirits. Deputy Consul General Gareth Hardin said the tariff and regulatory details remain under discussion at working level and that some arrangements were still being negotiated; he noted that geographical indications apply to whiskey as an all-island product.

Commitments and next steps: presenters agreed to provide the commission with an updated information memorandum and presentation deck. “We have a full information memorandum . . . I’ll freshen that, and I’ll gather some emails . . . and we’ll send that on to you with the deck,” one presenter said. Commissioners offered to help facilitate meetings with Connecticut officials, including the state treasurer or pension fund decision-makers.

Why it matters: Presenters say institutional participation—such as a pension fund allocation—can catalyze additional private capital and produce both financial returns and local economic impact. Commissioners indicated interest in learning more and in exploring how Connecticut might evaluate similar opportunities.

Proposed follow-up: presenters will send detailed materials to commission staff; the commission will seek to arrange conversations with Connecticut officials who control public pension and treasury investments.