Written answers
Wednesday, 18 January 2012
Department of Finance
National Pensions Reserve Fund
9:00 pm
Eoghan Murphy (Dublin South East, Fine Gael)
Link to this: Individually | In context
Question 72: To ask the Minister for Finance the current standing of the National Pensions Reserve Fund; if he will provide a breakdown of investments including the discretionary portfolio, as well as money committed and information on the future investment plans of the fund. [2786/12]
Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context
I am informed by the National Treasury Management Agency, as the Manager of the National Pensions Reserve Fund, that, on 31 December 2011, the total value of the National Pensions Reserve Fund was €14.5 billion, comprising the Discretionary Portfolio of €5.4 billion and the Directed Portfolio currently held at €9.1 billion pending completion of an independent valuation review of the Fund's investments in Allied Irish Banks. The breakdown of the Discretionary Portfolio as at 31 December 2011 is as follows:
| Asset Class | €m | % ofDiscretionaryPortfolio |
| Large Cap Equity | 1,346 | 25.1% |
| Small Cap Equity | 141 | 2.6% |
| Emerging Markets Equity | 375 | 7.0% |
| Quoted Equity | 1,862 | 34.7% |
| Value of equity put options | 264 | 4.9% |
| Eurozone Inflation Linked Bonds | 78 | 1.5% |
| Eurozone Corporate Bonds | 271 | 5.0% |
| Cash | 856 | 15.9% |
| Financial Assets | 1,205 | 22.4% |
| Private Equity | 791 | 14.7% |
| Property | 501 | 9.3% |
| Commodities | 271 | 5.0% |
| Infrastructure | 308 | 5.7% |
| Absolute Return Funds | 170 | 3.2% |
| Alternative Assets | 2,041 | 38.0% |
| Total Discretionary Portfolio | 5,3721 | 100% |
1 Information in respect of the Discretionary Portfolio is, in the case of direct quoted investments, based on valuation as of close of business on 31 December 2011 and, in the case of indirect investment vehicles, based on the most recently available valuations.
It should be noted that the NPRF has a number of capital commitments as set out in the following table:
| Capital committed at 31 December 2011 | €m | |
| Private Equity | Undrawn commitments | 431 |
| - to Irish funds €123m | ||
| - to international funds€308m | ||
| Property | Undrawn commitments | 84 |
| Infrastructure | Irish Infrastructure Fund | 250 |
| Water metering | Subject to certain conditions | 450 |
| Total | 1,215 |
In September 2011 the Government announced the establishment of a Strategic Investment Fund which will take the form of a portfolio of funds investing in areas of importance to the Irish economy including infrastructure, financing for SMEs and venture capital. The NPRF will be a cornerstone commercial investor in these funds with the expectation of increasing total fund size by attracting other commercial co-investors. In November the NPRF announced a commitment of €250 million to a new Irish infrastructure investment fund which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial State enterprises and also new infrastructure projects.
No comments