The Ireland Strategic Investment Fund (ISIF) has outlined its approach to investing €6.8 billion in Ireland on a commercial basis to support economic activity and employment.
The Government has decided to reorient the National Pensions Reserve Fund from a long-term pension fund to an investment fund focused on domestic investment.
The new fund - the Ireland Strategic Investment Fund - will be established under new legislation in the coming months.
The National Treasury Management Agency, which will manage the ISIF, hosted its market engagement event at Dublin Castle today. This was targeted at investors and project promoters who may be interested in partnering with the fund.
It hopes to create a pipeline of investment opportunities in areas including infrastructure, SME financing, private equity and venture capital.
In anticipation of its transformation into the ISIF, the NPRF has been increasing its domestic investment and already has about €1.3 billion committed to investments here.
These investments include participating in road and school building projects and commitments to funds targeting start-up and established businesses.
Its most recent initiative was a $100m joint fund with China’s main sovereign investment fund targeting fast-growing technology companies in Ireland and China.
"The ISIF is open for business and actively looking for investment opportunities that will meet its “double bottom line” criteria of generating commercial returns as well as delivering economic benefits," commented the NPRF's director Eugene O’Callaghan.