Written answers
Wednesday, 6 May 2015
Department of Finance
Ireland Strategic Investment Fund Management
Tommy Broughan (Dublin North East, Independent)
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134. To ask the Minister for Finance if he will report on the Ireland Strategic Investment Fund; the current funds and/or projects that are being supported by the fund; the way such organisations apply to the fund for support; and if he will make a statement on the matter. [17452/15]
Michael Noonan (Limerick City, Fine Gael)
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The Ireland Strategic Investment Fund (the "ISIF") was commenced on 22 December 2014 and the NTMA is required to report each year on the ISIF. Subject to preserving confidentiality in regard to commercially sensitive information, this report is required to include the following information: investment strategy, investment return, assets valuation, detailed listing of assets, investment management and custody arrangements, an assessment on a regional basis of the ISIF's investments on economic activity and employment and of the distribution of investments made by the ISIF.
The first formal report on the ISIF will be in respect of the calendar year 2015. It is expected that the ISIF investment strategy and an initial economic impact report will be published in Quarter 2 2015.
Current Investments
The NTMA provides a Performance and Portfolio update on a quarterly basis available on the NTMA website ().
An update on current ISIF and Third party commitments as at 31 March 2015 is set out below.
| Investment Category | 31/03/2015 | ISIF Committed Capital (€m) | 3rd Party Committed Capital in Ireland (€m) | Total Project Size in Ireland (€m) | Multiple of Total Project Size in Ireland to ISIF Commitment |
|---|---|---|---|---|---|
| Water | Irish Water | 300 | - | 300 | 1.0x |
| PPP | PPP N111 | 18 | 165 | 165 | 9.1x |
| Infrastructure | Irish Infrastructure Fund | 250 | 67 | 317 | 1.3x |
| Energy | Covanta Poolbeg Project | 44 | 456 | 500 | 11.4x |
| SME Equity | SME Equity Fund - Carlyle Cardinal | 125 | 167 | 292 | 2.3x |
| SME Credit | SME Credit Fund - BlueBay | 200 | 250 | 450 | 2.3x |
| Food & Agri | Forestry | 30 | 187 | 217 | 7.2x |
| Real Estate | WLR Cardinal CRE Mezzanine Fund | 75 | 195 | 270 | 3.6x |
| Venture Capital | Yet To Be Announced2 | 40 | 35 | 40 | 1.0x |
| Venture Capital | Innovation Fund Ireland | 114 | 125 | 239 | 2.1x |
| Venture Capital | Local Venture Capital Funds | 116 | 460 | 576 | 5.0x |
| Venture Capital | West Summit "China Ireland" Funds3 | 73 | 36 | 73 | 1.0x |
| Direct Private Equity | Public Irish Assets (Malin) | 50 | 252 | 302 | 6.0x |
| Committed to Date | 1,474 | 2,474 | 3,819 | 2.6x |
2Global Fund, total Irish project size is €40m
3 €36m of the ISIF commitments related to a global VC fund, total Irish project size is €73m
Process for Engaging with ISIF.
The ISIF is seeking investment opportunities across a broad range of industries. Opportunities will be originated from a wide variety of sources. In addition to proactive targeting of investment in priority areas by the ISIF team, the NTMA's door is open for companies and project sponsors to approach the ISIF at any stage. There is no "application form" and there are no specific criteria, other than Investment opportunities must fit within ISIF's mandate of achieving both a commercial risk adjusted return and economic impact in Ireland.
ISIF Team contact details are available on the NTMA website ().
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