NTMA | Portfolio of Investments

Portfolio of Investments Ireland Strategic Investment Fund

31 December 2017

Irish Portfolio

In supporting economic activity in Ireland, the ISIF’s total commitment to the Irish Portfolio at 31 December 2017 was €3.3bn. The Irish Portfolio commitment is to a broad diversified portfolio, which entails investment across nine investment buckets. The commitment by bucket is shown below. The full Schedule of Investments at 31 December 2017, showing the Irish and Global Portfolio, is disclosed separately.


Year	Security Description	Original Commitment €m
2014	WLR Cardinal CRE Mezz	75	Mezzanine finance commercial real estate fund which was a barrier to commercial real estate development.
2015	Activate	325	Residential housing platform alongside global investment firm KKR.
2015	Quadrant	50	Development finance vehicle lending to facilitate the development of high quality offices in Ireland.
2016	Ardstone	30	Residential housing fund in which ISIF is a cornerstone investor.
2016	Finegrain	25	Investment in an industrial property fund that provides finance to develop industrial, logistics and business parks, principally outside Dublin.
2016	Kilkenny County Council	2	Joint venture to acquire sites develop nine acres into a regional business/education hub.
2017	DAD Property Fund	8	Pilot project to deliver a sustainable solution to social and affordable housing requirements.
2017	Cherrywood – Hines	52	Enabling infrastructure works necessary to unlock residential housing in Cherrywood SDZ.
2017	Man Aalto	25	Residential development debt fund, lending to smaller developers.
2015	Irish Water	450	Loan facilities of €450m, comprising a refinancing of the existing €300m National Pensions Reserve facility and an additional €150m loan facility.
2011	Irish Infrastructure Fund	250	Portfolio of Irish infrastructure assets – Convention Centre, data towers, wind energy, primary care centres, telecoms infrastructure.
2015	DCU Student Accommodation	55	Cornerstone investor supporting the commercial student accommodation elements of DCU’s Campus Development Program.
2016	DAA – Bond	35	Supporting delivery of daa’s medium and long term goals notably the planned new runway for Dublin.
2016	Aqua Comms	25	Irish developer of fibre-optic infrastructure including a transatlantic and Ireland/UK connectivity network.
2017	Shannon Airport Authority	14	Fully fund essential maintenance of the runway at Shannon Airport.
2017	Port of Cork	18	Flexible debt funding solution to support the relocation of Port of Cork to Ringaskiddy.
2014	Dublin Waste to Energy	44	Thermal waste treatment plant handling 600,000 tonnes of waste and producing 60 megawatts of electricity.
2016	NTR	35	Long term equity fund investing in construction ready onshore wind farms.
2017	Greencoat Renewables DAC	76	Cornerstone investor in IPO for renewable energy investor seeking to capitalise Irish wind energy market.
	Total	1,594


Year	Security Description	Original Commitment €m
2012	Carlyle Cardinal	125	Private equity fund targeting growth and lower mid-market buy-out transactions in Ireland.
2013	BlueBay	200	Credit fund making loans of between €5m and €45m to medium/large Irish SMEs.
2016	Causeway	15	Private equity fund that will invest in established, growing SMEs in Ireland and the UK.
2016	BMS	15	Non-bank lender providing growth loans to Irish SMEs.
2016	Finance Ireland	30	Non-bank lender providing SME leasing, commercial mortgages, agri finance and auto finance.
2017	Muzinich	45	Growth capital to Irish SMEs and corporates.
2017	Insight	83	Growth stage private equity fund that will target software opportunities in Ireland and globally.
2017	BGF	125	Largest ever growth capital fund dedicated to Irish SMEs with over €200m to invest.
2017	Motive Partners	25	Specialist financial technology focused private equity fund providing growth equity to FinTech businesses.
2015	Malin	50	Irish listed plc focused on fast growing segments in the life sciences industry.
2015	AMCS	6	Global market leader, develops and sells technology for environmental management.
2015	Swrve	14	Global leader in high-growth sector of in-app mobile marketing.
2016	Draper Esprit	53	Listed venture capital fund making diversified investments in private high growth technology companies in Ireland and UK.
2017	InsideSales	24	Industry leading predictive sales acceleration platform growing its European presence in Ireland.
2017	Kaseya	20	Supplier of complete ITI management solutions for managed service providers and midsized companies, growing its European presence in Ireland.
2017	Cubic Telecom	10	Connectivity/software company that provides on-demand global connectivity for devices/vehicles via local mobile networks.
2009	Irish Forestry	20	Portfolio of forest plantations across Ireland.
2016	MilkFlex	44	Fund providing medium-term loans to Glanbia dairy farmers with the loan repayments linked to milk price.
2016	Dasos	55	Investment in new and semi-mature forests across Ireland.
2016	RPFP	2	Investment facilitating the creation of a €40m farmer receivables working capital management programme in the dairy sector.
2017	Finestere	40	Partnership between ISIF and Finistere investing in start-up and early stage AgTech companies in Ireland.
2017	Panelto	14	Large growing indigenous prepared consumer food company.
	Total	1,015


Year	Security Description	Original Commitment €m
2007	Delta III	23	Irish venture capital fund which targets investments primarily in the ICT sector.
2008	Fountain I	15	Irish life science venture capital fund focused on early stage pharmaceutical and medical device companies.
2008	Investec	18	Fund investing in early stage ICT companies with significant growth potential in Ireland.
2008	Seroba Kernel II	15	Irish venture capital fund focused on early stage medical devices and therapeutic technologies.
2010	Atlantic Bridge Fund II	10	Fund concentrated on technology focussed growth and expansion stage equity investments.
2010	Draper Fisher Jurvetson Fund X	10	Fund investing in technology, life science and clean-tech sectors.
2010	Polaris VI	36	Global venture capital fund actively investing in Ireland focused on technology and healthcare.
2011	Sofinnova Venture Partners VIII	9	Global fund focused on late-stage drug development.
2012	Highland Technology Europe	10	Growth equity fund that invests in rapidly growing internet, mobile and software companies.
2012	SVB Capital Strategic Investors Fund V	20	Commitment to a global venture capital fund of funds building on strategic partnership with Silicon Valley Bank who in turn committed to lend 2x ISIF commitment to Irish technology businesses.
2013	China Ireland Growth Technology Fund	36	Venture capital fund that targets growth stage Irish companies with a strategic ambition to access the Chinese market or Chinese companies seeking access to the EU market by locating in Ireland, co-investor is China Investment Corporation.
2013	Lightstone Ventures I	10	Specialist US-based venture capital fund focused on medical devices and biopharmaceuticals.
2013	Strategic Investors Fund VI	19	Commitment to a global venture capital fund of funds building on strategic partnership with Silicon Valley Bank.
2014	WestSummit Global Technology Fund	36	Global growth stage technology fund, linked to China Ireland Fund investment.
2014	Arch VIII	20	Fund investing in transformative, disruptive, technology driven companies in life and physical sciences.
2014	Atlantic Bridge Fund III	20	Fund focussed on growth and expansion stage equity investments, principally in Ireland.
2014	Fountain II	15	Irish life science venture capital fund focused on early stage pharmaceutical and medical device companies.
2014	Polaris VII	40	Global venture capital fund actively investing in Ireland focused on technology and healthcare.
2015	Frontline Ventures I	11	Early stage Irish fund that invests in innovative early stage information technology companies.
2015	Highland Europe Technology Growth Fund II	10	Growth equity fund that invests in rapidly growing internet, mobile and software companies.
2016	Silicon Valley Bank VIII	44	Commitment to a global venture capital fund of funds building on strategic partnership with SVB.
2016	Seroba Life Sciences Fund III	15	Irish venture capital fund focusing on early stage medical devices and therapeutic technologies.
2016	ACT V	20	Primarily Irish focused venture capital fund investing in growing ICT companies in Ireland.
2016	Scottish Equity Partners	16	Fund that will invest in growth and later stage technology, energy and healthcare companies.
2016	Polaris VIII	24	Global venture capital fund actively investing in Ireland focused on technology and healthcare.
2016	Frontline Ventures II	15	Early stage fund that will invest in seed stage/series A rounds in innovative technology companies.
2017	Lightstone Ventures II	21	Specialist US-based venture capital fund focused on medical devices and biopharmaceuticals.
2016	Genomics Medicine Ireland	12	Investment in an Irish company operating in advanced genomic medicine.
2017	Nautilus Data Technologies	4	A new generation of leading edge data centres in Ireland located on water.
2017	Illumina Ventures	21	Genomics-focused venture capital fund investing primarily in early-stage, start-up companies.
2017	Arch XI Overage Fund	21	Invests in transformative, industry disruptive, technology driven companies in life and physical sciences.
2015	Leeds	92	Cornerstone investment in a leading global investor in the education/knowledge industries.
2015	Reverence Capital Partners	50	Financial service sector focussed global equity fund.
	Total	738
	Total Irish Commitments	3,347