“which could prove controversial..”

The BBC report on the expected announcement, by the New York City Comptroller William Thompson, of the setting up of an investment fund based in the US and in Belfast, notes that the “details are still under wraps”. Those details seem to include the amount, which varies from “more than $100m” in the BBC report, up to to $150m investment in the RTÉ report. The Irish Times notes that the NY City Pension Funds “may consider further investment, possibly up to $750 million (€472 million), depending on the performance of the initial investment, sources close to the deal said.” Sinn Féin’s Gerry Adams has already welcomed the announcement, which Deputy First Minister Martin McGuinness decided to join out-going First Minister Ian Paisley in attending rather than a certain memorialisation. But it’s left to the Belfast Telegraph, which references a figure of £150million to £200million, to suggest the possible catch

It is understood Executive Ministers were given details of the package at their meeting yesterday, but warned that going public too early could affect the pension funds involved on the stock exchange. Then came an invitation from New York City Comptroller William C. Thompson Jnr, in which it was announced he would hold a press conference with the two leaders.

They are to be joined by trustees from New York City Pension Funds announcing “the largest public investment to date in Northern Ireland,” the invitation read. Some sources last night suggested the investment could involve a degree of “asset-stripping” in the province which could prove controversial.

Adds The announcement, of the setting up of Emerald Infrastructure Development Fund LP, by the NYC Comptroller is here

More than half of Emerald’s total investments will be put towards projects that operate either exclusively in Northern Ireland or both parts of the island. The remainder are expected to be “green” investments in Northern America, predominantly in the renewable and clean energy, waste re-use, and environmental sectors.

And the announcement also indicates the areas of investment here on behalf of the New York City Pension Funds

Thompson’s announcement marks the largest ever public investment from the United States in Northern Ireland. The $150 million investment will be managed by the Emerald Development Managers LLC, and will primarily target projects in the alternative energy, waste management, property development and conventional energy sectors. Emerald has made a commitment to focus on new assets in order to create value and jobs in Northern Ireland.

Examples of these assets will include the following facilities: renewable and clean energy; waste management, re-use and handling; conventional energy and distribution; and healthcare. Other projects will involve public infrastructure, such as light rail, water, and seaports, and real estate ventures, including commercial, hospitality, and retail developments. [added emphasis]

More Prompted by Comrade Stalin’s question/comment below, I thought I add this possible guide to the intended approach from the announcement

Emerald is the successor to Cohen & Company LLC, a private equity firm founded in 1994 that focused on project equity and early stage venture capital investments. Emerald will manage its investments from offices in New York City and Belfast.

Pete Baker