Invest Northern Ireland (www.investni.com) has announced the appointment of managers for a new £50 million fund that will generate investment in high-potential Northern Ireland companies.

Clarendon Fund Managers (CFM) (www.clarendon-fm.co.uk) has been appointed to manage Co-Fund NI II, which aims to stimulate more private investment in companies that have innovative and export-focused products.

William McCulla, Invest Northern Ireland’s director of corporate finance, said: “Co-Fund NI builds on the success of its predecessor, which invested over £12 million in 37 high-growth Northern Ireland companies, alongside £20 million from private investors.

"The fund remains a key component of our wider Access to Finance strategy, with the objective of stimulating investment activity in SMEs across Northern Ireland.”

Neil Simms at CFM said: “We are delighted to have been appointed to manage the new £50 million Co-Fund.

“Our experience of managing its predecessor showed us that business angels — and indeed other sourcesof private investment — are playing an increasingly important role in the development of young high-potential companies that are seeking equity finance to pursue growth in export markets.