Announced in April 2008, the Emerald Fund planned to raise $750 million in projects across the Northern Ireland and border counties as well as in the U.S.
However, the fund, headquartered in Belfast's Cathedral Quarter, never managed to meet the high expectations of the New York City pension funds which pledged an initial $150 million contribution.
The fund had also refused to agree to focus its investment strategy on the North's areas of greatest disadvantage, despite repeated calls from the New York City Comptroller's office, North union leader Inez McCormack, and Sinn F
