Bank of Ireland Group announced Tuesday that it has entered into a joint venture with Paul Capital Partners to provide private equity fund of funds products and services to investors worldwide.
The venture, titled “Paul Capital Top Tier Investments,” cost the Bank of Ireland Group $25 million for a 50% share, the bank may up its stake to 70% in 2008.
PCP will contribute its existing private equity fund of funds business including the firm’s fund of funds team and resources and facilities in exchange for a 35% interest.