Better Capital PCC Limited announced that BECAP12 Fund LP has entered into a joint venture with the National Pensions Reserve Fund (Ireland) (NPRF), Ireland's €14 billion social welfare and public service pension fund. The joint venture will be operated through Better Capital (Ireland) LP (BC(I)LP), a new Guernsey limited partnership which will be managed by BECAP12 GP LP, the general partner of the 2012 Fund. The joint investors in BC(I)LP will be the NPRF (which has committed €50 million to BC(I)LP) and the 2012 Fund.

Funding for deals will be on a deal-by-deal basis. BC(I)LP's investment strategy will be to generate attractive total returns from investing in a portfolio of distressed businesses in Ireland. Such returns are expected to be largely from capital growth.

The 2012 Fund will commit not less than 51% of the investment into each transaction BECAP12 GP LP makes with the NPRF providing the remainder. Better Capital LLP, the Consultant to BECAP12 GP LP, will establish a Dublin office which will be operational from early January 2013.