The Sydney based club hosted the Ireland World Cup squad at a successful pre-tournament training camp earlier this year, and all-rounder Graeme McCarter was based there while on World Cup stand-by.
Ireland A international McCarthy made his County Championship debut with Durham last month, and played in the Under 19 World Cup in Australia in 2012.
“The Randy Petes have been a tremendous support to Cricket Ireland over the last year, with support for our World Cup squad and to Graeme McCarter in his development last summer," said Cricket Ireland Performance Director Richard Holdsworth.
"This new Overseas Scholarship Programme will allow one of our players every season to develop through the Randy Petes training and match programme which is fantastic news.
"Barry McCarthy has had a good season here and is one of our targeted players of the future, hence why we have selected him for this programme. The experience he will have in Australian conditions and the competitiveness of Sydney grade cricket will hopefully help develop Barry into an international cricketer.
"We thank the Randy Petes for this opportunity and look forward to many years of a successful partnership.”
Randwick Petersham President - the former Australian Test player Mike Whitney -welcomed the new partnership saying: "Each year the Randy Petes are evolving and increasing our footprint in the cricket world. Last year we gained international exposure through our hosting of Cricket Ireland which was a special time for our club and an absolute privilege for all those involved.
"Now to be officially recognised as Cricket Ireland’s Official Overseas Scholarship Programme partner provides our club with the unique opportunity to play our part in developing the next generation of Ireland’s cricketers as they aim for a Test berth in 2020. What a massive opportunity for a Sydney Grade club!”
You can follow Barry McCarthy's performances this season with regular updates via http://www.cricketireland.ie