Bank of America Vice Chair Paul Donofrio joins Impact Ireland’s Global Advisory Council
28th September 2023: Irish fund manager Venturewave Capital announced that Bank of America is partnering with its Impact Ireland USA fund. This is Venturewave Capital’s first collaboration with Bank of America.
The initiative will focus on supporting technology-for-good companies in Ireland in the areas of food and agriculture technology, energy and environment, education, health care, and sustainable finance. Its aim is to deliver sustainability, social benefits, and financial returns. The initiative will complement Venturewave Capital’s existing impact investing strategy.
Impact investing has grown rapidly in recent years, reaching an estimated $1.1 trillion under management. The growth of the Impact Ireland funds’ companies will be driven from Ireland, one of the most successful economies in the world for scaling technology enterprises.
Paul Donofrio, vice chair of Bank of America and chair of Bank of America’s European banking entity, Bank of America Europe Designated Activity Company, will join Impact Ireland’s Global Advisory Council chaired by former Taoiseach (Prime Minister of Ireland) Enda Kenny. Its objective is to promote the philosophy and practice of impact investing and advance the case for Ireland as a global centre for this transformative form of deploying capital for social and environmental good.
Commenting, Paul Donofrio noted: “Consistent with our approach toward Responsible Growth, we are committed to partnering with clients to support their transition to a more sustainable and lower-carbon future. Venturewave Capital’s Impact Ireland USA fund is well positioned to provide funding to companies accelerating that transition and the adoption of clean, impactful, and innovative technology.”
Commenting, Kieran McLoughlin, Co-Founder and Managing Partner at Venturewave Capital, said: “We are delighted that Paul Donofrio has agreed to join our Global Advisory Council, bringing a new level of richness and reach to our work. We are immensely grateful to Bank of America for their belief in our strategy and all we will do in partnership.”
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centres, approximately 15,000 ATMs and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across various asset classes, serving corporations, governments, institutions and individuals worldwide. Bank of America offers industry-leading support to approximately 4 million small business households through innovative, easy-to-use online products and services. The company serves clients through operations across the United States, territories, and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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About Venturewave Capital
Venturewave Capital is a venture private equity investment firm dedicated to supporting entrepreneurial companies with high-impact potential. As a member of the Global Impact Investing Network (GIIN) and the first Irish signatory of the IFC Principles for Impact Investing, Venturewave is committed to making a difference. Its investment strategy is bolstered by a broad network of limited partners, including family offices, high-net-worth entrepreneurs, and institutional investors.
