Northern Ireland Growth Fund seeks Connecticut meetings to explore pension investments

Representatives of the Northern Ireland Growth Fund and Crescent Capital presented a proposal to the Connecticut–Ireland Trade Commission to explore Connecticut public‑pension investment in Northern Ireland economic development.

Martino Muir of the Northern Ireland Growth Fund and Colin Walsh, chief executive officer of Crescent Capital, described a planned £100,000,000 development capital fund that would be managed from Belfast and target the six counties of Northern Ireland plus six adjacent border counties in the Republic of Ireland. Walsh said the fund seeks to provide development capital to businesses in manufacturing, advanced technologies, leisure and hospitality, agribusiness and other sectors.

Walsh described the fund as a continuation of three earlier funds that invested in 38 companies and, he said, generated more than 2,000 jobs across portfolio companies and their suppliers. He said the fund structures previously attracted commitments from U.S. public and local government investors and cited the New York State Common Retirement Fund (controller Tom DiNapoli) as an example; speakers said DiNapoli set aside roughly $103,000,000 for Northern Ireland investments through a previous initiative.

Muir and Walsh emphasized social and economic criteria for investments. In response to commissioners’ questions, they said Northern Ireland and Republic of Ireland legislation prohibits employment discrimination on religious grounds and that the fund targets companies that offer open and equal employment opportunity; they also said the fund leans toward businesses that welcome trade‑union participation. Walsh said the fund would accept a broader remit than prior funds to address economic needs in border counties — including hospitality, hotels and other local employers — not solely manufacturing exporters.

Commissioners asked about private co‑investment locally; Walsh said formal commercial investment offices are concentrated in Belfast, with angel investing growing but still small in the border counties. He said the fund would typically see early investments in the range of roughly £0.5 million to £1.2 million per company in previous vintages and that tax reliefs for angel investors exist in both the U.K. and Ireland.

Commissioners also raised tariffs and market certainty in the drinks and spirits sector. Speakers said tariff details were subject to ongoing negotiations at working levels and that potential zero‑tariff arrangements were under discussion; commissioners cautioned that specific tariff rates were unsettled and changing.

Muir and Walsh asked the commission to help facilitate meetings with Connecticut’s treasury and pension officials to present the fund’s information memorandum and to explore potential commitments. Commissioners agreed to help arrange follow‑up meetings and requested the fund’s memorandum and a presentation deck for review ahead of any pension‑fund discussions.

No formal investment decision or commitment was made at the meeting; presenters said they would send an updated information memorandum and follow up on specific meeting arrangements.