Global Village Hospitality Fund

Kilcullen Investment Management has launched the Global Village Hospitality Fund, an ICAV structure with a focus on investment in the Hospitality Sector.

Kilcullen Kapital Partners (Kilcullen) are pleased to announce the completion of four investments in the Irish and European hospitality sectors, at a value of €5m.

The deals were executed by Global Village One Ltd, a feeder fund for Kilcullen’s recently launched private equity investment platform – the Global Village Hospitality Fund. The investments are located in Wexford Street, Dublin 2, Dungarvan, Co. Waterford and Prague in the Czech Republic.

Speaking about the objectives of the Global Village Hospitality Fund, Colm O’Reilly, CEO of Kilcullen Investment Management said, “To date, our private equity investments are part of a broader strategy in the hospitality, casual dining and drinks industry sectors. Our approach is based on three strategic pillars; Products, Services and Technology; Management Companies and Operators; and Underlying Property Values.

“The fashionable funds tend to focus on emerging areas such as the technology sector, while in contrast the hospitality sector has been untapped and can be overlooked by traditional providers of capital. The Global Village Hospitality Fund will focus on providing development capital to fill equity gaps in companies with strong management teams, good products and growth potential. We believe this formula can result in excellent investor returns”.

In Dublin 2, the former Solas Bar on Wexford Street was acquired for €2.4m, with a further €1m invested in a complete refurbishment and new concept, including a Base Wood Fired Pizza food offering. The investment has been made in partnership with the Loyola Group, led by Stephen Cooney and Brian O’Malley and is supported by AIB Corporate Banking.  The business re-opened in late November 2015 as The JAR and has already become a key fixture of this thriving entertainment district.

The Seanachaí Pub & Restaurant surrounded by 12 high-end holiday homes has been acquired in scenic Dungarvan, Co Waterford. It is now a thriving hospitality venue being run by John and Margaret Hurley and their family. The property has operated since at least 1845 and is situated alongside a famous Famine-era graveyard where mourners were first catered for in the original cottage. It has a very rich history in the locality and has hosted both Éamon de Valera and Michael Collins in the early years of the State.

In the Czech Republic a majority stake in two Irish bar-restaurants, located in the heart of Prague, have been acquired; Caffreys on Old Town Square and the James Joyce. Both properties have 20+ years’ trading histories and were very successfully developed into key destination pubs by Irishman, Frank Haughton.

“We are very pleased to have taken over these excellent businesses and have added management expertise, experience and energy to drive these businesses to a new level,” added Colm O’Reilly.

 

Enercap

ENERCAP (www.enercap.com) is a renewable energy fund founded in 2008. It has been successful in generating high returns on investment.

The origins from the fund came from an investment Kilcullen made in a renewable energy company in Central Europe which was seeking to raise capital and investment for projects.

At the time many global fund managers were moving into the renewable energy sector. Kilcullen met these ‘global brands’ who had raised enormous capital based on their ‘brands’ but in actual fact the teams running the funds knew little about the sector, because it was a new sector.

For this reason, Kilcullen moved our property team and private equity specialists into a new dedicated ENERCAP fund when we realized that there were many renewable enery investment opportunities throughout the region.

Starting with Kilcullen seed funding and private Kilcullen Clients, the fund was closed at $98 m and attracted an impressive of investors.

The fund is now almost fully invested in several projects throughout the Central Europe Region and the fund equity has been valued at close to $200 m and income income fund and also developing a new energy efficiency fund.

While founded by Kilcullen Partners, who retain ownership and involvement, this is now a stand alone business.[/vc_column_text][/vc_column][/vc_row]