Peadar Tóibín (Meath West, Sinn Fein)
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146. To ask the Minister for Finance further to his announcement of 15 May 2014 if he will provide a full breakdown of each of the investments, including the moneys allocated, committed to from the National Pensions Reserve Fund in advance of the establishment of the Ireland Strategic Investment Fund. [24442/14]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 146 and 182 together.

The National Treasury Management Agency (Amendment) Bill 2014, which is currently before the Oireachtas, includes provisions to establish the Ireland Strategic Investment Fund (ISIF) which will absorb the National Pensions Reserve Fund (NPRF) and have a statutory mandate to invest on a commercial basis to support economic activity and employment in Ireland. When the ISIF is established, NPRF money invested in its Discretionary Portfolio (valued at €6.9 billion as at 31 March 2014) will become available to invest in Ireland as suitable investment opportunities arise and are developed.

I am informed by the National Treasury Management Agency (NTMA), which is the Manager of the NPRF, that, in the context of reorienting the NPRF towards commercial investment in Ireland under the ISIF initiative, the NPRF Commission has already committed to a number of investments in Ireland including infrastructure, water, long-term financing for SMEs (both credit and equity) and venture capital.  A detailed table of the NPRF commitments to Irish investments at 31 March 2014 is set out in a table:

In addition to the commitments in the above table, the National Pensions Reserve Fund has provided a stand-by credit facility for the N11 and Schools Bundles 3 Public-Private Partnership projects.

The NTMA intends to publish a report each year regarding investments made by the ISIF.  The first report, which will include an overview of the Fund's Irish investments, is scheduled for publication in the coming weeks.

Finding and developing investment opportunities will be a key function of the ISIF. The NPRF actively encourages people to approach it or its third-party investment managers with investment proposals. The presentations from its recent market engagement event at Dublin Castle and the related contact details are available on the NPRF's website .

The initial approach does not need to be a formal one.  In fact, much of the time the process commences with a telephone call and an idea and the NTMA will then work with the party seeking the finance to help shape and develop the proposal.  If the NTMA does not think the investment proposition meets its requirements it will make that clear as soon as possible so as not to waste time.

For each of the SME funds, investment selection is carried out independently by the respective manager.  However, the NPRF is happy to direct queries from businesses seeking finance to the relevant manager. Requests of this kind should be sent to .

Venture capital funds seeking to access funding from the NPRF/ISIF are invited to contact the NPRF Unit directly at .

All other queries should be directed to or to any of the contacts detailed on www.nprf.ie.

Peadar Tóibín (Meath West, Sinn Fein)
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147. To ask the Minister for Finance further to his announcement of 15 May 2014 if he will provide full details of €350 million allocation from the National Pensions Reserve Fund to three new long-term funds intended to provide equity, credit and restructuring-recovery investment for Irish small and medium-sized enterprises; if these allocations are additional to any previous announcement; and the person who will promote and administer the funds. [24443/14]

Michael Noonan (Limerick City, Fine Gael)
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The allocation referred to by the Minister in his announcement of 15 May 2014 relates to investment commitments previously announced by the National Pensions Reserve Fund (NPRF) Commission in 2013.

In January 2013 the NPRF Commission announced investment commitments to three new long-term funds that will provide €850 million of equity, credit and restructuring/recovery investment for Irish SMEs and mid-sized corporates. The NPRF played a significant role in the development of the funds and was a cornerstone investor in each alongside additional investment from third-party investors. The NPRF has committed €375 million across the three funds:

- a €300m equity fund which is focussing on healthy businesses seeking to grow, including those with overleveraged balance sheets, managed by Carlyle Cardinal Ireland.

- a €100m turnaround fund focussing on underperforming businesses which are at or close to the point of insolvency but have the potential for financial and operational restructuring, managed by Better Capital.

- a €450m credit fund focussing on originating and acquiring loans to larger SMEs and mid-size companies, managed by BlueBay Asset Management.

- For each of the SME funds, investment selection is carried out independently by the respective manager. The NPRF is happy to direct queries from businesses seeking finance to the relevant manager. Requests of this kind should be sent to .  Alternatively, contact detail for each of the SMEs is set out as follows:

- Nick Corcoran, Carlyle Cardinal Ireland

- Ph: 353 (0)1 631 9730

- David Cullen, Better Capital Ireland

- +353 (0)1 661 8430

- Pat Walsh, BlueBay Ireland Corporate Credit

- Ph: 353 (0)1 6694782

Peadar Tóibín (Meath West, Sinn Fein)
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148. To ask the Minister for Finance further to his announcement of 15 May 2014 if he will provide the monetary figure allocated from the National Pensions Reserve Fund to the collaboration with Silicon Valley Bank of new lending commitments; if he will provide details of the administration and allocation of the moneys. [24444/14]

Michael Noonan (Limerick City, Fine Gael)
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In June 2012, the National Pensions Reserve Fund (NPRF) announced a collaborative relationship with Silicon Valley Bank (SVB) aimed at supporting the technology innovation sector in Ireland. The NPRF has committed to invest in technology funds managed by SVB Capital, while Silicon Valley Bank has established a presence in Ireland and expects to lend US$100 million over five years to fast-growing Irish technology, life sciences and venture capital businesses. SVB has appointed an Ireland Relationship Director. Together with support from its team in London, SVB is currently looking closely at a number of opportunities and to date has made loans across nine companies.

Parties seeking to access funding from the NPRF/ISIF are invited to contact the NPRF Unit directly at .  Alternatively, contact detail for Silicon Valley Bank is set out:

Andrew Hunter, Silicon Valley Bank

Ph: 44(0) 207 367 7815

Peadar Tóibín (Meath West, Sinn Fein)
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149. To ask the Minister for Finance further to his announcement of 15 May 2014 if he will provide the monetary figure allocated from the National Pensions Reserve Fund to the fund established with China Investment Corporation; and if he will provide details of the administration and allocation of the moneys. [24445/14]

Michael Noonan (Limerick City, Fine Gael)
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In January 2014 the National Pensions Reserve Fund (NPRF) announced the establishment of the China Ireland Technology Growth Capital Fund, capitalised at $100 million with equal commitments from the NPRF and China Investment Corporation (CIC).  The Fund's strategy will be to make minority equity investments in fast-growing technology companies and will target companies operating in core technology sectors such as internet, software, semiconductors and clean technology and areas of technology for which the Fund's strategy is uniquely positioned, including but not limited to agriculture, food, medical and financial services.

Parties seeking to access funding from the NPRF/ISIF are invited to contact the NPRF Unit at .  Alternatively, contact detail for the fund is set out:

Elaine Coughlan, Atlantic Bridge

Ph: +353 (0)1 6034450 

Peadar Tóibín (Meath West, Sinn Fein)
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150. To ask the Minister for Finance if he will provide details of moneys invested into the Irish Infrastructure Fund from the National Pensions Reserve Fund to date; and if the fund has tendered for or procured any asset disposed of by the State. [24446/14]

Michael Noonan (Limerick City, Fine Gael)
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In late 2011, the National Pensions Reserve Fund (NPRF) Commission announced a commitment of €250 million to a new Irish Infrastructure Investment Fund (IIF) 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 new infrastructure projects.

The fund, which was established by Irish Life Investment Managers, with AMP Capital appointed as the fund's discretionary investment manager, currently has in excess of €310 million of committed capital.

In September 2013, the IIF completed its second investment by acquiring 100% of Towercom, Ireland's largest independent wireless telecoms infrastructure company. Towercom owns more than 400 communications masts in key strategic locations across Ireland and counts all of the major telecoms operators in Ireland among its customers. This is the second investment completed by the IIF, following its acquisition of a controlling stake in a portfolio of wind farms from Viridian Group in 2012.

To date, the IIF has not tendered for or procured any asset disposed of by the State.