OFMdFM and the two US fund deals they failed to deliver on…

As below the border, so above, and lack of candour seems to be the order of the day. Sam McBride has a story that could do with a more detailed answer than the one given him by OFMdFM. Two funds set up in New York to invest in Northern Ireland have thus far failed to invest a red cent:

The Emerging Europe Fund was set up in 2009 with the aim of investing pension cash from New York State public sector workers into the Province.

Despite making no investments to date, those behind it in the USA say that the fund does still remain live.

The creation of Emerging Europe followed on from a very similar-sounding scheme called the Emerald Fund, which was unveiled in 2008 with an even bigger pledge – $150m.

This had also involved channelling funds from US workers’ pension pots into the Province (although it was based in New York City, not New York State).

It is believed that this has never invested anything, and is reported to be dead.

Well, after years of asking, now we know. The only person to benefit from Emerald appears to have been placement agent on the deal in the US. It looks like a case of OFMdFM landing a foreign deal that they were in no position to deliver on domestically.

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