The new Trinity Venture Capital Fund is being headed by Mr John Tracey, formerly of ICC Venture Capital. Mr Tracey, an engineer by training, took up his appointment as chief executive of the £12 million fund last Friday.

He said yesterday that the fund, which provides a maximum £1 million investment, would be "opportunistic" in the sectors it would be aiming at, although he expected the technology/software sector to absorb about half of the £12 million.

"Over the next 15 months we expect that the fund will invest £4 million in six companies. It will be on that type of scale," he said.

The Trinity Fund, launched on September 15th, is made up of three investment groups, Frank Reihill & Co, AIB, and Forbairt, through the administration of the EU's European Regional Development Fund (ERDF).

Mr Shane Reihill, the co-chief executive of Tedcastle Holdings, is the chairman of the Trinity Fund.