AIB has appointed Foresight Group to manage the AIB Foresight SME Impact Fund. The new SME equity fund will back businesses, which help to accelerate Ireland’s transition toward a low-carbon economy.

AIB is providing a cornerstone investment of EUR30 million (US$31.02 million) to the fund with a target to raise EUR75 million (US$179.02 million). The fund will provide equity investments of EUR2 million (US$2.10 million) to EUR5 million (US$5.26 million) with the ability to make larger or smaller investments.

The AIB Foresight SME Impact Fund will reach its first close shortly and will be open to firms in both the Republic of Ireland and Northern Ireland. The fund is expected to contribute to job creation, alongside delivering economic growth and broader long-term benefits across the island.