Tom Kelly (pictured), head of the global private capital advisory group at alternative investments manager Blackstone Advisory Partners, has founded merchant bank Iona Capital Advisors after a 15-year career with global investment banks.
Kelly said by email he would start at Iona next month and the company’s website said it would begin business from June.
Iona will offer advisory services to private companies looking to raise money as well has invest in seed and series A rounds of start-ups through a fund, Iona Ventures.
Kelly said the fund’s current portfolio included ClickSquared, Corrigo, LegalZoom, Marin Software, Myomo, Peregrine Semiconductor and Vantage Media.
Prior to joining Blackstone three years ago, Kelly spent a year at Kema Partners after running the private capital advisory group at investment bank Montgomery and the west coast private placement group for Bank of America. He began his investment banking career with Merrill Lynch (which subsequently merged with Bank of America) in London and New York before transferring to San Francisco in 1999 to launch the investment bank’s Silicon Valley private placement practice.
Kelly said he had closed more than 100 transactions amounting to over $5bn in transaction value.
He also participated in October’s Global Irish Economic Forum and was named to the Irish Technology Leadership Group’s "Silicon Valley 50" in 2011 and 2012. His new firm’s name, Iona, is a venerated places as it was the base of the Irish Christian missionary St Columba, who in 563 AD landed on the island with 12 followers to bring Christianity to western Scotland.