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Ireland Strategic Investment Fund

The Ireland Strategic Investment Fund (ISIF) has now committed €2.0 billion to investments in Ireland, an update published on 21 December 2015 shows. The Fund also published its latest semi-annual update of the economic impact of its investments as at 30 June 2015.

Press Release: Strategic Investment Fund has committed €2bn to Irish investments (397.9 KB)

Economic Impact Report 30 June 2015 (1.7 MB)

Infographic - Economic Impact Report as at 30 June 2015 (233.9 KB)

Investment Strategy and Baseline Economic Impact Report

In July 2015 the ISIF published its investment strategy setting out the long-term strategic direction for the Fund. It also published the first semi-annual update on the economic impact of its investments.

Press Release - ISIF Publishes Investment Strategy and Economic Impact Report (369.9 KB)

ISIF Investment Strategy - Executive Summary (676.4 KB)

ISIF Baseline Economic Impact Report (1.1 MB)

About the Fund

The NTMA controls and manages the ISIF, which was established in December 2014 with a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State.

The assets of the National Pensions Reserve Fund (NPRF) became assets of the ISIF on the ISIF’s establishment (except for assets governed by foreign law which remain NPRF assets until their transfer). €7.6 billion in the NPRF “discretionary portfolio” is available for investment in accordance with the ISIF’s objectives.  €13.6 billion in the NPRF’s “directed portfolio” will continue to be managed at the direction of the Minister for Finance.

The dual mandate of the ISIF – investment return and Irish economic impact – represents a new “double bottom line” approach to investing and will require all transactions to generate both risk adjusted commercial returns and economic impact in Ireland.

The ISIF is focused on investment in projects, companies and funds with Irish activities and the potential for significant expansion, innovation and value improvement.  Generally these will take the form of new or established funds, where the investment team has a successful track record, or projects and companies that exhibit development characteristics, such as significant market opportunity or above-average growth rates in earnings or sales and high or improving returns on capital.

Additionally, the ISIF can consider financing projects of varying scale across areas such as energy, waste, transport and one-off enabling infrastructure projects. The ISIF may invest in greenfield projects with a medium to long term horizon, where the underlying business case meets the risk/return requirements of the ISIF mandate.

The ISIF has the ability to participate in all levels of a project or company’s capital structure including senior debt, mezzanine debt, traditional private equity (either direct or via an investee fund), venture capital, preferred equity and ‘special situations’ e.g. turnaround, buyouts.  On a direct basis this will typically involve investment in strong minority positions in either debt or equity – preferably as part of a syndicate or co-investment group that validates the commerciality of the opportunity and augments the economic impact of ISIF participation.

The ISIF uses a fundamental and rational approach to investing which backs strong entrepreneurial ideas and management teams that produce additional economic benefit to Ireland without displacing existing businesses or funders from the market. Investment returns are required to be commensurate to the risk involved in the transaction and comparable with the returns of a similar risk profile available elsewhere.

There are few restrictions on the tenor or duration of investment other than the commerciality and inherent risk profile of the underlying project or business.  Investments are neither scale nor sector specific and the ISIF team includes sector specialists in certain areas which require deeper knowledge or that have been identified as a focus for the Fund. These sectors include  food and agriculture, real estate and energy including renewables, storage and emerging technologies.

A key to the ISIF’s approach is to develop strong partner relationships that are long term and strategic in nature, and to be constructive in helping Irish companies to grow, achieve value and resolve specific challenges.

The ISIF investment process relies on a combination of an extensive indigenous and international network and the track record of the investment team.  The key characteristics of the process include:

  • Flexible, adaptable and expedient;
  • Highly engaged and responsive;
  • Strength and depth of analysis;
  • Senior experience at all levels;
  • Entrepreneurial attitude; and
  • Dynamic solutions to project or company specific challenges.

A new website for the ISIF is currently under development.

Do you have an investment proposal?

The active involvement of entrepreneurs, business owners and co-investors will be critical to the unique investment process and deal flow of the ISIF.

To submit proposals or to discuss investment ideas, please contact any of the following team members by email.

Eugene O’Callaghan

Director

eocallaghan@ntma.ie

Kieran Bristow

Head of Investment Strategy

kieran.bristow@ntma.ie

Cathal Fitzgerald

Head of Food & Agricultural Investments

cathal.fitzgerald@ntma.ie

Michael Lee

Head of Investment Origination and Co-Investor Development

michael.lee@ntma.ie

Fergal McAleavey

Head of Private Equity

fergal.mcaleavey@ntma.ie

Donal Murphy

Head of Infrastructure and Credit Investments

donal.murphy@ntma.ie

Paul Saunders

Head of Innovation and Special Investments

paul.saunders@ntma.ie

Treasury Building
Grand Canal Street
Dublin 2
Ireland
+353 1 2384000
info@isif.ie

Investing alongside the ISIF

Co-investment is a key element of the ISIF’s strategy and it actively seeks to attract partners to invest alongside it thereby enabling the Fund to leverage its resources and maximise economic impact for Ireland.  The ISIF has several features that make it an attractive partner for international investors:

  • Sovereign fund with large investment pool;
  • Independent governance;
  • Commercial investor;
  • Cornerstone investor, lead role in structuring / implementation / monitoring;
  • Strong links to key players in Irish business and financial system.

ISIF Market Engagement 2015 

See our video clip on the Ireland Strategic Investment Fund market engagement event

ISIF Market Engagement Presentation 2015 (2.1 MB)

Performance and Portfolio

Quarterly Performance and Portfolio Update for Q4 2015 (429.7 KB)

Quarterly Performance and Portfolio Update for Q3 2015 (420.8 KB)

Quarterly Performance and Portfolio Update for Q2 2015 (344.5 KB)

Quarterly Performance and Portfolio Update for Q1 2015 (335.8 KB)

Quarterly Performance and Portfolio Update for Q4 2014 (364.0 KB)

News

BMS Finance launches €30m Irish SME debt fund backed by the Ireland Strategic Investment Fund (BMS Finance press release) (153.0 KB)

Glanbia Co-op and partners launch €100m Glanbia MilkFlex Fund to offer flexible, competitively priced loans to dairy farmers (Glanbia press release) (333.4 KB)

ISIF announces €500m home-building finance joint venture with leading global investment firm KKR (329.2 KB)

ISIF reports "strong and growing" pipeline of investment proposals (345.0 KB)

Ireland Strategic Investment Fund announces details of its first investment (436.3 KB)