The Bank of Ireland Kernel Capital Growth Funds are six separate long term venture capital vehicles totalling £170m/ €210m and are independently managed by Kernel Capital. Established in 2002 Kernel Capital currently has fund management contracts until 2025 and a portfolio of over seventy five export focussed companies employing more than one thousand people on the island of Ireland. Investors in ‘The Bank of Ireland Kernel Capital Growth Funds’ include our strategic partner Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation, Family Offices, and a global pension fund.
The commencement dates of the Funds are 2002, 2006, 2007, 2009, 2013 and 2015 respectively. The 2002 Fund fully divested in 2015 and delivered an average Gross IRR of 25% for each year from 2002 through to 2015. The 2006 Fund fully divested in 2014 and delivered an average Gross IRR of 23% for each year from 2006 through to 2014. The 2007 and 2009 Funds continue to invest in their existing portfolio companies. The 2013 and 2015 Funds are actively seeking new investment opportunities with deal size per company up to £2m in Northern Ireland and €3m in the Republic of Ireland. With eighty institutional co-investors in the Bank of Ireland Kernel Capital Growth Funds portfolio companies, larger investments are facilitated through syndication. Kernel Capital’s investment performance ranks alongside the top tier of comparable US and European funds.