Business
Investment in the SVV III Limited Partnership
Investment in the SVV III Limited Partnership.
About this update from Mindflair Plc
[{"type":"text","content":"\n \n \n \n \n \n 23 February 2023\n \n \n \n Pires Investments plc\n \n \n \n (\"Pires\" or the \"Company\")\n \n \n \n \n \n \n Investment in the Sure Valley Ventures III Limited Partnership\n \n \n \n \n alongside Enterprise Ireland\n \n \n \n Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to announce that it has agreed to invest in a new venture capital fund, Sure Valley Ventures III Limited Partnership (\"SVV3 Fund\"), alongside Enterprise Ireland which is the cornerstone investor.\n \n \n \n Highlights\n \n \n \n ·\n The SVV3 Fund has received commitments of €30 million at first close, of which Enterprise Ireland has committed to invest 50% or €15 million.\n \n \n \n \n \n \n \n ·\n Pires' has initially invested circa €54,000 (\"Initial Investment\") in the SVV3 Fund. Pires expects to invest up to €5 million over the 10-year life of the SVV3 Fund (the \"Investment\"), which would currently provide the Company with a 16.7% interest in the fund.\n \n \n \n \n \n \n \n ·\n The SVV3 Fund plans to invest in circa 15\n high growth AI software companies in sectors such as Enterprise, Immersive Technologies and Cybersecurity\n across the Republic of Ireland.\n \n \n \n \n \n \n \n ·\n The SVV3 Fund will be managed by the same Sure Valley Ventures fund (\"SVV\") team which, to date, has been successful in achieving cash realisations/liquidity events from, and upward revaluations of, investments made by the first Sure Valley Venture Fund (\"SVV1 Fund\"), as well as launching the £85 million Sure Valley Ventures UK Software Technology Fund (\"SVV2 Fund\") backed by the British Business Bank.\n \n \n \n \n \n \n \n ·\n The Initial Investment was made from the Company's existing cash resources. Going forward, the Company has several sources available to fund the Investment over the coming years. These would include, inter alia, realisations from its existing investment portfolio, the exercise of outstanding warrants, as well as access to debt and equity capital markets.\n \n \n \n \n \n \n \n \n Nicholas Lee, Director of Pires commented:\n \n \n \n \"The SVV1 Fund has completed its initial investment phase and has already achieved three liquidity events to date, comprising the sale of Artomatix, and listings of Engage XR and Smarttech...