Oireachtas Joint and Select Committees

Wednesday, 24 May 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion

Mr. Nick Ashmore:

I cannot give the Deputy the figure for invested but certainly about 5% of the economic activity and the employment we are supporting is in that region. It is quite small and admittedly so. To some extent, that reflects the availability of commercial investment opportunities. There are a lot of opportunities there but how many of them are actually able to provide that commercial return. We also have a size question as well. The Ireland Strategic Investment Fund, ISIF, team is managing a very large amount of money so our minimum investment size is about €10 million. Finding projects that are smaller than that, we do not tend to do directly but we will work with partners, venture capital funds and seed capital funds that are operating in those areas. We have venture capital funds that have invested in companies in Mayo and in the north west. Certainly, we would encourage them as much as we can to invest more. We spend time in the region as well to try to better understand those opportunities.

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