Niall Collins (Limerick County, Fianna Fail)
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239. To ask the Minister for Jobs, Enterprise and Innovation the level of take up of the Innovation Fund Ireland in each year since its establishment, the number of jobs supported; and if she will make a statement on the matter. [15289/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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Innovation Fund Ireland is an Irish Government initiative designed to attract leading international venture capital fund managers to Ireland to compliment the domestic venture capital sector. Innovation Fund Ireland funding involved Enterprise Ireland and NPRF investing together and separately. The NPRF has now been reconstituted as the Irish Strategic Investment Fund (ISIF). The dual mandate of the ISIF – investment return and Irish economic impact – represents a new “double bottom line” approach to investing and will require all transactions to generate both risk adjusted commercial returns and economic impact in Ireland.

Enterprise Ireland and ISIF have committed up to €125m each to make commitments to international Venture Fund Managers. These funds commit to establishing a presence in the Irish market and agree to invest, at a minimum, the equivalent of Enterprise Ireland’s contribution, over the lifetime of the fund in Irish companies or companies with significant operations in Ireland. Enterprise Ireland issued two open competitive calls for proposals. To receive an investment through Innovation Fund Ireland, venture capital fund managers must meet, at a minimum, the following criteria to be considered for investment:

- An established global profile and network with a reputation for market leadership in venture capital investment.

- A proven track record of raising funds and generating superior returns for investors.

- A capacity to access high potential international investment opportunities with an investment team capable of attracting world-class entrepreneurs.

- An intention to establish a new and substantial presence in the venture capital market in Ireland and a willingness to invest a meaningful proportion of their venture capital fund in Irish companies or companies with significant Irish operations.

Enterprise Ireland alongside the ISIF/NPRF has made commitments to four Venture Capital funds including Sofinnova, Highland Venture Capital Europe and Lightstone Ventures. Two of these funds have ceased investing in new opportunities (having met their commitments to invest in Ireland) while the remaining two funds are activity looking for opportunities.

Separately the NPRF/ISIF made a number of commitments to other funds including Polaris and DFJ Esprit. The ISIF report to the Department of Finance and not my Department. Separately, the ISIF issued their economic impact report.

Table 1 below outlines the levels of investment in Irish companies to the end of 2015.

Table 2 below outlines the economic profile of the companies in recent of investment as of the year end 2015.

Economic Impact Data 2015- IFI