Development Capital

What Development Capital does

Development Capital is an Irish independent growth and development capital fund manager founded in 2013 by Andrew Bourg and Sinead Heaney. The firm is headquartered in Dublin with a regional office in Cork, and is registered as an Alternative Investment Fund Manager (AIFM) under EU regulations. It manages two successive €75 million funds — Fund I (2014 vintage, fully realized with 7 of 9 investments exited) and Fund II (2020 first close, actively investing) — through the legal entity Development Capital Fund Management DAC.

The firm's core product is minority growth capital investment of €2-12 million per portfolio company, typically held for a five-year term and structured as equity, quasi-equity, or debt to match the specific circumstances of each investee. Target companies are established, profitable Irish SMEs with annual turnover of €5-80 million and significant export growth opportunities, concentrated in ICT/software, industrial/engineering, food and agribusiness, life sciences, and clean technology. Returns are generated via capital appreciation on minority equity stakes, supplemented by management fees and carried interest at exit.

Development Capital differentiates itself through flexible investment structuring, board-level engagement, and access to a corporate partner network that includes Bank of Ireland, CRH plc, Glanbia plc, and Glen Dimplex, which provide international expertise and supplemental debt financing to investees. To date, the firm has invested over €125 million across 15 portfolio companies and achieved nine exits, including notable realizations at Version 1 (sold to Volpi Capital for approximately €90 million) and Lifes2Good/Viviscal (sold to Church & Dwight for approximately €149.25 million). The firm also operates the Kerga joint venture with BiaVest as a dedicated European food and beverage roll-up platform.

Name

Development Capital

Legal name

Development Capital Fund Management DAC

Website

https://developmentcapital.ie

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

Development Capital is an Irish growth capital fund manager providing minority equity investments of €2-12 million to established Irish SMEs, managing two €75m funds across ICT, food, engineering, and life sciences sectors.

Ownership category

akta.pro rank

Product category

Growth Capital Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Investors, Nec (6799)

akta.pro primary industry

SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Growth capital funding
• Minority equity investments
• Development capital fund
• SME investment Ireland
• Private equity fund management

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Growth Capital Investment Management: Development Capital generates returns through minority equity stakes and quasi-equity instruments in portfolio companies. The fund charges management fees and earns carried interest on successful exits. Investment instruments include equity, quasi-equity, or debt structured to match the specific needs of each investee company. Returns are realized upon exit of investments typically after a 5-year holding period.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Development Capital is an Irish development and growth capital fund manager that invests €2-12 million of minority equity, quasi-equity, or debt in established, mid-sized Irish SMEs over typical 5-year terms. It currently manages two €75 million funds (Fund I fully realised, Fund II deploying) targeting profitable companies with annual turnover of €5-80 million that need growth capital to accelerate organic expansion, production capacity, bolt-on acquisitions, management buyouts/buy-ins, and shareholder restructurings.

Product overview

Development Capital operates as a fund manager providing development and growth capital investment services to Irish SMEs. The company manages two distinct investment funds: Development Capital Fund I (a €75 million fund fully realised from 2014-2019) and Development Capital Fund II (a €75 million fund currently deploying). These funds provide minority equity investments ranging from €2 million to €12 million over a 5-year investment term, structured as equity, quasi-equity, or debt instruments tailored to portfolio company needs. The funds target established, mid-sized, profitable Irish companies with significant growth opportunities, primarily in export markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Development Capital Fund I A €75 million development and growth capital fund that deployed capital across nine Irish SME investments between 2014 and 2019, focusing on ICT/software, food and agribusiness, industrial/engineering and life sciences companies with export growth potential. The fund has been fully realised with seven of nine investments exited, including Version 1 (~€90m), Lifes2Good/Viviscal (~€149.25m), Netwatch, Blueface, Perigord, Multihog and Broderick's.
• Development Capital Fund II A €75 million successor growth capital fund currently deploying capital into established Irish SMEs with investments typically ranging from €2 million to €12 million over 5-year terms. Targets profitable companies with €5-80 million turnover seeking capital for organic growth, production expansion, bolt-on acquisitions, MBOs/MBIs and shareholder restructurings across ICT/software, industrial/engineering, food and agribusiness, life sciences and clean tech.
• Kerga (Joint Venture with BiaVest) A dedicated food and beverage investment platform jointly owned by BiaVest and Development Capital that acquires and develops European convenience food and beverage brands. Initial investments include the 2021 acquisition of Donegal-based Nomadic Dairy from Donegal Investment Group for a €29 million deal value, and the July 2025 acquisition of German premium Ready-to-Drink specialist Münsterland.

Quantifiable outcome

• 7 of 9 Fund I investments successfully exited
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• MML Growth Capital Partners: Irish growth capital investor focused on SMEs with turnover of €5-50M, providing minority equity of similar size to Development Capital. Operates Fund III and shares the same Irish SME mid-market focus with comparable check sizes (€2-15M) and minority-stake approach.
• Renatus Equity Partners: Ireland-focused lower-mid-market PE firm providing minority and majority growth capital to SMEs, directly competing with Development Capital for Irish companies in the €5-50M turnover range.
• BGF Ireland: UK and Ireland's most active growth capital investor with permanent capital structure, providing minority equity investments to SMEs. Directly competes with Development Capital for Irish mid-market deals with typically larger checks (£2-25M equivalent).
• Act Venture Capital: Long-established Irish VC/PE firm with multiple funds investing in SMEs across technology, healthcare, and engineering sectors. Competitor for Irish growth-stage capital, though typically with smaller tickets and earlier-stage focus than Development Capital.
• Frontier Capital Partners: Ireland-focused lower-mid-market PE firm investing in SMEs across multiple sectors. Overlaps with Development Capital's Irish growth capital mandate with similar ticket sizes and minority/majority structures.

Emerging players

• BiaVest: Irish-domiciled food and beverage investment fund co-founded by Hilliard Lombard and David McKernan, providing sector-focused growth capital. Co-investment partner with Development Capital via Kerga joint venture (BiaVest 54% / DC 46%) in food and beverage deals such as Nomadic Dairy and Münsterland.

Broad incumbents

• Kennet Partners: European technology growth capital investor with overlap to Development Capital's ICT sector investments (e.g., Version 1, Blueface, Zartis). Operates larger funds but competes for similar European SME growth equity opportunities.
• Muzinich & Co: Global private credit and direct lending firm providing alternative financing to SMEs and mid-market companies. Comparable to Development Capital in supporting Irish/European SME growth with debt/quasi-equity instruments but at much larger scale.

Others

• Ireland Strategic Investment Fund (ISIF): Irish sovereign development fund managed by the National Treasury Management Agency, anchored Development Capital Fund II (€75M commitment, 2020). Functions primarily as an LP/investor in Development Capital rather than a direct competitor, but its broader Irish investment mandate creates occasional overlap.
• Enterprise Ireland: Irish government agency supporting SME growth and export development, anchored Development Capital Fund I (€75M commitment, 2014). Functions as a key LP/partner enabling Development Capital's mandate but also runs direct investment and grant programs that overlap with SME funding space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/development-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments15 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Development Capital