ICC has doubled the size of its 1999 Private Equity Fund to £100 million (€127 million) due to investor demand, the bank's venture capital arm said yesterday. ICC Venture Capital said it was the largest private equity fund ever raised by an Irish venture capital house, and was aimed at Irish companies mainly engaged in exporting business.

So far, £70 million has been raised. On closure of the new fund, the bank said, ICC Venture capital would have a portfolio of investments and funds valued at more than £180 million (€228 million).

The new fund follows the success of the bank's 1994 £20 million fund. It includes as investors ICC Bank, Irish Life Assurance, Ulster bank Investment managers, Telecom Eireann Superannuation Fund, Irish Airlines Superannuation Schemes, ESB Pension Fund and Friends First. The main foreign investors are the European Investment Bank, and the Dutch firm, Parnib.