The Irish Strategic Investment Fund (ISIF) delivered a return of 6.2% last year, adding €500m in value, according to an update published today.
The €8.6 billion ISIF is managed by the National Treasury Management Agency and works as an investment fund for the State.
The Fund has returned an average annual return of 3.1% since it was established in January 2015.
In total to date, €5 billion has been invested in 143 Irish companies.
ISIF is also responsible for the Pandemic Stabilisation and Recovery Fund (PSRF).
This €2 billion fund was established by the Government in May last year to support companies impacted by the pandemic through investment. It comes out of the ISIF.
It has made investments of €430m in over 20 companies, 90% in the second half of last year.
A further €600m of investments are in the pipeline.
Speaking at a briefing this afternoon, NTMA chief executive Conor O'Kelly said he viewed the PSRF as a temporary fund to support what he described as 'great companies before the pandemic and great companies after the pandemic.'
He said it did raise a risk of exposure of the Fund to certain sectors and meant a change in their approach to investment.
But he said he was not "that worried" about the risks involved.
He also said the €2 billion size of the Fund was not a 'target' to be invested and that he hoped not to have make more investments than the €600 million already in the pipeline.
Finance Minister Paschal Donohoe, said it does have a higher level of risk but he believed the Fund would be in a position to recoup the money.
The DAA received an investment of €40m, while Aer Lingus received an investment of €150m.
A category described as 'specialist retail' got €15m while another category, 'transport', also received €15m.
The companies involved are not named.
Minister Paschal Donohoe said Aer Lingus makes "a significant contribution to the Irish economy both as an employer and provides a vital link for Irish business".
Conor O'Kelly said all of the investments were made on a commercial basis.
Around half included some equity investment.
There was no equity investment in Aer Lingus, which is now part of IAG.
Mr O'Kelly added that this wasn't "a bailout fund for shareholders".