Sunday Business Post | Busy year for Elkstone with fresh venture investments and new hires

Elkstone, the Irish wealth manager, has made 11 venture investments this year and beefed up its team with four new hires. Ruairi O’Neill, chief executive of Elkstone, said it was a busy year for the firm, which added a further 11 companies to its portfolio.

“The Irish medical home testing kit business, Let’s Get Checked, which we funded during the year, successfully closed a series A round a couple of weeks ago raising $12 million,” O’Neill said.

“We’ve just closed on a €3 million plus series A round for a great Irish business, Flipdish. With a venture portfolio which is 80 per cent non-Irish, we are quite different from an Irish perspective and it’s what appeals to our clients and co-investors,” he added.

The executive chairman of Elkstone is Alan Merriman, former finance director of EBS. The firm is also active in the property market, O’Neill said. “In real estate, in quarter one we acquired the Copley Court student accommodation property in Cork city with Hatch Student Living. The plan is to increase this from 130 beds to over 260 beds in the next 18 months,” he explained. Elkstone he said had also acquired a site in Dublin’s north inner city where it is planning develop more than 250 student beds.

“We’ve been actively funding a number of developers who need equity to fund their developments both residential and commercial. We’ve funded three of these already in the first three months of this year,” he said. Elkstone he said had also made four new hires. David McGoldrick has joined its real estate team after previously working with Pepper Financial Services, Bankwest and IBRC.

Paul Gorman is now working with it as a portfolio manager with Elkstone Private, its high net worth client arm, having worked with Bank of Ireland Asset Management and Pioneer Investments/Amundi where he was head of European equity research.

Mike Perrick has been given responsibility for clients with Elkstone Partners while Eileen Mahon has taken over its marketing and events business.

 

This article was written by Tom Lyons and appeared in The Sunday Business Post on 15/04/2018