State fund takes stake in Finance Ireland

ISIF to invest €30m in lender founded by banker Billy Kane

Fergal McAleavey of the ISIF and Finance Ireland chief Billy Kane. Pic: Fennell Photogarphy

Lender Finance Ireland, which was founded by veteran banker Billy Kane. has announced a deal with theIreland Strategic Investment Fund (ISIF).

Under the deal, the former National Pensions Reserve Fund will invest €30m for a 32 per cent stake in the company.

After the investment, ISIF will nominate two directors to join the Finance Ireland board.

This deal followsa €25m investment by private equity giant Pimco last year.

After today’s deal, Pimco and ...