The National Pension Reserve Fund and China Investment Corporation are to put $100 million into a new fund.

The China Ireland Technology Growth Capital Fund will invest in fast-growing Irish start-up technology companies trying to expand into China. 

It will also invest in their Chinese equivalents looking to set-up in Ireland with view to expanding into Europe.

The fund will be co-managed by WestSummit Capital Management and Atlantic Bridge.

WestSummit Capital is a China-based technology investment firm with offices in Beijing, Silicon Valley and Hong Kong.

Atlantic Bridge is a technology growth capital investor which is based in Dublin and has offices in London and Silicon Valley.

China Investment Corporation is a sovereign wealth fund that invests some of the country's foreign exchange reserves overseas. As of the end of 2013, it had around $580 billion in assets under management.