Niall Collins (Limerick County, Fianna Fail)
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113. To ask the Minister for Finance the amount of lending undertaken by the NPRF, National Pensions Reserve Fund, SME credit fund to date; the number of projects involved; the number of jobs supported; the percentage of applications approved; the way in which the operation of the fund compares to the initial targets set for it; the future plans for the fund; and if he will make a statement on the matter. [34728/17]

Niall Collins (Limerick County, Fianna Fail)
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114. To ask the Minister for Finance the amount of investment undertaken by the NPRF SME equity fund to date; the number of projects involved; the number of jobs supported; the percentage of applications approved; the way in which the operation of the fund compares to the initial targets set for it; the future plans for the fund; and if he will make a statement on the matter. [34729/17]

Niall Collins (Limerick County, Fianna Fail)
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115. To ask the Minister for Finance the amount of investment undertaken by the NPRF turnaround fund to date; the number of projects involved; the number of jobs supported; the percentage of applications approved; the way in which the operation of the fund compares to the initial targets set for it; the future plans for the fund; and if he will make a statement on the matter. [34730/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 113 to 115, inclusive, together.

The Ireland Strategic Investment Fund (ISIF) has advised me that the €450 million BlueBay SME Credit Fund has completed 27 loan transactions totalling approximately €369 million as at 31 March 2017.

The €292 million Carlyle Cardinal Ireland (CCI) SME Equity Fund, has completed 7 transactions as at 31 March 2017, with investments completed in Lily O'Briens, GSLS, Carroll Cuisine, Payzone, Learning Pool, AA Ireland and Abtran. The Fund has also recently announced an investment in Sam McCauley Chemists as its eighth transaction.

Better Capital Turnaround Fund

ISIF has advised that it was agreed not to extend the investment period of the Better Capital Turnaround Fund following its expiry in December 2014. In the context of improving market conditions, financial institutions and business owners experienced a much reduced need for restructuring capital investment into distressed businesses as compared with initial expectations. The Fund had been set up with a lifespan of two years, with the intention of investing in distressed firms but positive changes in the economy meant it did not complete any investments.

In addition to the foregoing, ISIF has committed to a number of initiatives to improve the delivery of funding to the SME sector, details of which are included below:

(i) BMS Finance Ireland which is a €30 million fund providing debt finance to high-growth Irish SMEs for working capital, contract wins, capital expenditure, acquisitions and management buyouts. BMS Finance Ireland is also backed by other investors.

(ii) Causeway Capital Partners I LP is a €50 million Dublin based private equity investment fund targeting fast-growing small and medium businesses in Ireland and Britain. ISIF is a cornerstone investor of the fund along with the European Investment Fund (EIF). To date, the company has completed significant investments in BB’s Coffee and Muffins, Bizimply and Celtic Linen.

(iii) Milkflex Fund is a €100 million fund which provides loans between €25,000 to €300,000 to dairy farmers in Ireland, who are suppliers to Glanbia Ingredients Ireland.

(iv) ISIF invested €30 million in equity in Finance Ireland. Finance Ireland’s overall strategic goal is to become Ireland’s leading broad based non-bank lender, with a particular focus on the SME sector. 

(v) ISIF committed €45 million to the Muzinich Pan-European Private Debt Fund in May 2017 which, in turn, is targeting investment of €67.5 million in Irish SMEs.

Due to commercial sensitivities the ISIF does not report on economic impact at individual transaction level, but instead does so at the aggregate portfolio level.

The ISIF has published its Economic Impact Report for 2016. Key figures show that as at 31 December 2016:

- Approximately 22,000 jobs are supported directly and indirectly by ISIF investments

- 140 Irish companies and projects are benefitting from ISIF investments

- ISIF had committed €2.6 billion to investments in Ireland.