International Securities Trading Corporation (ISTC), the investment company set up by former Anglo Irish Bank executive Tiarnan O'Mahoney, has raised €145 million in a private equity fund raising.

The sum raised was well ahead of the minimum targeted amount of €50 million and represents the largest private equity raising concluded in Ireland.

ISTC was set up by Mr O'Mahoney when he left Anglo Irish last December to invest in regulated bank capital and other capital market issues.

Mr O'Mahoney said the company had raised an average of €1 million from a wide cross section of private individual investors in Ireland. In addition to the prospect of capital growth and a strong dividend, many saw it as an opportunity to diversify away from an over-dependence on property investments.

"The result of this means that ISTC commences with an extremely strong equity base, which gives the company an excellent platform for its planned strong development over the coming years," Mr O'Mahoney said.

Over the next couple of weeks, Goodbody Stockbrokers will organise a "grey market" in the shares, similar to that operated in NTR stock, to provide the less than 150 investors in ISTC with some liquidity.

Further down the line, Mr O'Mahoney said the company may consider a listing as a publicly quoted company.

ISTC is chaired by Ray French, the former chairman of Goodbody, while Frank Gaynor, formerly chief executive of JP Morgan Chase (Ireland), has joined as an executive director.

Mr O'Mahoney plans to recruit more staff, including a finance director, head of lending and head of funding, in the coming months.