Former Taoiseach Enda Kenny is to take up his first business-related role since stepping down as leader of the country.

The Mayo TD will be chairman of an advisory council for a private equity group that will invest in Ireland according to the Irish Times.

The announced was made in recent days by Kieran McLoughlin, who resigned as chief executive of The Ireland Funds, a philanthropic organisation, in October of last year.

In an email Mr McLoughlin is reported to have told friends that he has now been appointed as CEO of Venture-Wave Capital, an Irish fund manager. He said the organisation, based in Merrion Street, Dublin – near Government buildings, would be focused on so-called impact investing, which aims to deliver commercial returns to investors through backing socially responsible companies and enterprises.

He said in the email that our potential to support Ireland is reflected in the fact that former Taoiseach Enda Kenny has agreed to chair their global advisory council, the first appointment he has accepted since leaving office.

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