Crescent Capital, a private equity firm based in Northern Ireland, has won the contract to raise a new venture capital fund in the region, financed by public and private money.

It aims to begin fund-raising for £15m (€24m) to £20m in the new year, with public money coming from Invest Northern Ireland, formerly the Industrial Development Board for Northern Ireland, the Department of Enterprise, Trade and Investment, the Department of Trade and Industry and structural funds from the European Commission.