BNY Mellon has been appointed as account bank for the Activate Capital lending platform (Active Capital). This is a EUR 500 million home-building joint venture between the Ireland Strategic Investment Fund (ISIF) and KKR (Kohlberg Kravis Roberts, best known for its trailblazing leveraged buyout exploits).
Activate Capital will help increase Ireland’s housing supply by lending to Irish residential development projects; it will be capable of financing the construction of over 11,000 new homes in Ireland per annum.
The ISIF will contribute EUR 325 million towards the joint venture, its biggest single investment undertaken to date. KKR will provide the balance of EUR 175 million.