Goodbody Stockbrokers has launched a private equity technology fund for its private clients worth $15 million (€15.7 million). Oversubscribed by a factor of two, the interest indicates private investors have been undeterred by recent shakeouts in the technology market. The fund sought minimum investments of $40,000 from private clients with an interest in technology companies. It will be fully invested in the next three to four months, and will be controlled by Goodbody's private client department, working with venture capital companies on co-investment rounds.

Goodbody has established a dedicated technology group within the company, which says it will close five Irish-based deals worth more than $50 million over the next six to eight weeks.

The technology group's objective is to work on fund-raising rounds with as many Irish technology companies possible. It will be headed by Mr Mark O'Donovan, a former senior level executive with Wang and Siemens, and more recently an entrepreneur working on Irish high technology start-ups, including Duolog and Espatial Solutions.

"Having been on the other side of the fence, I understand how frustrating it can be when potential investors just don't know what your technology is about. We hope the internal expertise of the technology team will improve this," says Mr O'Donovan.

Mr O'Donovan will be joined on the corporate finance side of the technology group by Mr Liam Kiely and Mr Simon Howley.

The technology team is planning to offer a range of services to early-stage technology companies. Initial plans include the establishment of a base of around 35 angel investors, or high net worth individuals, with experience of the technology industry, prepared to make quick investment decisions. "By adopting a flexible, mentor-type approach we would hope to reduce the fund-raising process from months to a matter of weeks," Mr O'Donovan said.

It is also envisaged the technology team will work with a number of recruitment agencies to identify and compile a list of chief executive and senior management level individuals with multinational experience, who may be interested in becoming involved in new technology ventures.

"The technology group is about building a network to provide more than just money to companies. We want to be able to meet all their profiling, benchmarking and investment partner identification needs," Mr Liam Kiely said.