The Ireland Strategic Investment Fund (ISIF) has invested €50m in Reverence Capital Partners Opportunities, a fund focused on investing in global, middle-market, financial services companies.

As part of the ISIF investment, the US-headquartered Reverence will focus on job creation in Ireland and seek to create high quality financial services jobs here via its portfolio companies.

In addition, one of the portfolio companies – automated lending platform Kabbage – is establishing its European headquarters in Ireland.

The ISIF (€8.1 billion at end December 2016) has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.

ISIF Director Eugene O’Callaghan said the partnership with Reverence “is strongly aligned with Government policy for the International Financial Services sector, as outlined in IFS 2020.

“We are delighted to have played a role in Kabbage’s expansion to Europe.

“We expect our investment with Reverence to bring further high calibre expertise, investment capital and employment to this key sector of the Irish economy.”