PEI Staff
Investors in the Scottish fund include Bank of Scotland, Old Mutual, Northern Rock Plc and Fortis Bank SA/NV.
Craig McCallum and Brian Aiken have been taken on as part of Protégé's expansion programme.
Mark Danby's experience at venture capital fund Thinkventures and internet service provider Freeserve will make him a 'key member of the investment team'.
The UK fund manager will make investments in established businesses with financial and commercial problems.
Private equity firms Doughty Hanson and DB eVentures participated in the round.
The size of the fund will allow the private equity firm to "follow companies all the way through from initial investment," according to its managing director.
Global Equity Partners and Go Equity also participated in the round.
The fund will focus on the Nordic region and Germany and will make investments in established industrial and services companies.
AIB Bank, Arnotts Staff Pension Fund, Bank of Ireland Asset Management, Eircom Superannuation Fund and Montgomery Oppenheim are among the contributors to the fund.
The size of the investment has not been disclosed but it's reported that the deal values Comstock at "a substantial premium" over its first round valuation.