Atlantic Bridge and West Summit launch $100 million Fund, Summit Bridge Capital
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| Atlantic Bridge and West Summit launch $100 million Fund,
Summit Bridge Capital Dublin, Beijing, Menlo Park, California, 17th January 2014- Atlantic Bridge Capital and WestSummit Capital today announced the launch of Summit Bridge Capital to manage the $100 million China Ireland Technology Growth Capital Fund. The Fund’s strategy will be to make equity investments in fast-growing technology companies with a presence in Ireland that have a substantial or strategic interest in China, and in Chinese fast-growing technology companies that have a substantial presence or strategic interest in establishing a presence in Ireland as a gateway into the broader European market. The Fund will target companies operating in core technology sectors such as internet, software, semiconductors and clean technology and areas of technology for which the Fund’s strategy is uniquely positioned, including but not limited to agriculture, food, medical and financial services. The Fund will be supported by the NPRF and China Investment Corporation (CIC). Speaking today Raymond Yang, Managing Partner of WestSummit Capital said: “Ireland plays a critical role as a major hub of activity connecting Europe with international markets, and as a centre of technology innovation in the region. China represents one of the largest and fastest growing markets in the world for nearly every category of technology-related products and services. We believe that there is a highly attractive investment opportunity for the China Ireland Technology Growth Capital Fund to further link these two dynamic economies through a highly focused cross-border strategy. We are excited to partner with NTMA, CIC and Atlantic Bridge in this endeavour.” "We are delighted to launch Summit Bridge Capital and look forward to working with CIC, NPRF and WestSummit Capital on this exciting new venture", commented Elaine Coughlan, Co-Founder and General Partner at Atlantic Bridge Capital. "We are already seeing strong interest from Irish technology companies in the Chinese market and believe this new fund is uniquely positioned to add value to these companies as they scale in China". Editor’s Notes For press enquiries please contact: US: westsummit@bulleitgroup.com Europe: eugene.hogan@bridgepr.ie About WestSummit Capital WestSummit Capital (www.westsummitcap.com) is a premier China-based, global growth stage technology investment firm. WestSummit invests in the Internet, mobile, cloud computing and IT-enabled clean tech sectors with a focus on rapidly growing enterprises that have a substantial presence in or a strategic interest in China. Sponsored by major financial institutions in Asia, Europe and North America, WestSummit closely partners with leading companies across the globe to realize the full potential of developing their businesses in Greater China. WestSummit operates from offices in Beijing, Silicon Valley and Hong Kong. About Atlantic Bridge Capital Atlantic Bridge (www.abven.com) is a growth equity fund focused on technology investments with offices in Dublin, London and Silicon Valley. The investment team comprises a unique multi-disciplinary team of industry professionals and serial entrepreneurs with deep domain knowledge and international know-how. The firm's investors include the founders, leading institutional investors and private investors with a track record of successful technology investments. About Summit Bridge Capital Summit Bridge Capital (www.SummitBridgeCapital.com) is a growth technology fund co-managed by Atlantic Bridge Capital and WestSummit Capital. The Fund will target Irish and Chinese companies operating in core technology sectors such as internet, software, semiconductors, cloud, and clean technology and areas of technology for which the Fund’s strategy is uniquely positioned, including but not limited to agriculture, food, medical and financial services. About China Investment Corporation Headquartered in Beijing, CIC was founded on 29 September 2007 as a wholly state-owned company incorporated in accordance with China’s Company Law. CIC was established as a vehicle to diversify China’s foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance. CIC, as a financial investor, invests on a commercial basis. About the National Pensions Reserve Fund The NPRF was established in 2001 to meet as much as possible of the costs of Ireland’s social welfare and public service pensions from 2025 until at least 2055. Under the Ireland Strategic Investment Fund initiative, announced in June 2013, the Government plans to reorient the NPRF and make its €6.8 billion of resources available for investment on a commercial basis to support economic activity and employment in Ireland. The Ireland Strategic Investment Fund will leverage its resources by attracting co-investment from third-party investors.  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