The National Pensions Reserve Fund has announced its fifth round of investment in innovation and development.

It has committed €10m to Innovation Fund Ireland and this particular fund will be managed by Highland Europe, a venture capital investor.

It will focus on investment in existing technology companies which are at an expansion stage.

The idea of Innovation Fund Ireland is to attract venture capital fund managers to Ireland and to increase the flow of capital to early-stage and high-growth companies. It is led by Enterprise Ireland and the NPRF.

The NPRF has committed €125m to the Innovation Fund Ireland initiative and its five investment commitments so far amount to €86m.