Written answers
Wednesday, 4 March 2026
Department of Finance
National Treasury Management Agency
Pearse Doherty (Donegal, Sinn Fein)
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105. To ask the Minister for Finance to provide each investment by the ISIF in any company or fund that provides residential accommodation the level of the investment and when the initial first investment was made, in tabular form; and if he will make a statement on the matter. [17858/26]
Simon Harris (Wicklow, Fine Gael)
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The National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (ISIF) has committed over €2.5 billion to housing related investments since inception, targeting 25,000+ new homes by 2030.
These investments support Irish homebuilders through the provision of debt and equity financing solutions, typically delivered to the market through ISIF’s partner funds.
The 2024 NTMA Annual Report shows all the commitments made by ISIF under its Housing and Enabling Investments Theme (Pg 291 – 292) and are provided below with some further clarifying detail on certain line items, together with publicly announced investments during 2025.
| Commitment Year | Legal Name | Original Commitment €m | Description |
|---|---|---|---|
| 2025 | Activate VI | 500 | Senior debt facility provided to a real estate development firm in Ireland. |
| 2025 | Avenue Homebuilder Capital Solutions Fund | 150 | Equity for homebuilding fund managed by Avenue. |
| 2024 | Ardstone Residential Income Fund (a sub fund of Ardstone Partners ICAV) | 75 | Commitment to a fund seeking to increase the supply of mass-market private rental and social housing units in Ireland. |
| 2024 | Avenue Ireland Opportunities Fund SCSp | 75 | Commitment to a fund supporting the construction of new homes in Ireland through Avenue’s partnership with Castlehaven Finance. |
| 2024 | Irish Homebuilding Equity Fund (previously known as Pearl Residential Equity Fund II) | 25 | Commitment to a fund enabling the development of housing units in Ireland by providing the equity required to unlock senior bank financing and begin works on-site. |
| 2024 | Summix Capital Partners II L.P. | 29 | Fund seeking to acquire, enable and sell to the market residential led sites through the provision of planning permission and site infrastructure. |
| 2024 | Timbercreek Ireland Private Debt II DAC | 36 | ISIF subscribed for debentures issued by Timbercreek Ireland Private Debt II DAC which is seeking to lend to property investors and developers to support the delivery of new residential units by funding the refurbishment of existing derelict, vacant, or underused properties in Ireland. |
| 2023 | Activate III | 100 | Top up of senior debt facility to Activate Capital |
| 2023 | Avenue Europe Special Situations V (US) LP* | 25 | Private debt fund targeting Irish and UK real estate lending. |
| 2023 | Harrison Street European Property Partners IV, SLP RAIF | 25 | Commitment to a pan-European opportunistic fund targeting investment in purpose-built student accommodation, private rental and life sciences real estate (follow-on). |
| 2023 | HSRE SMA II, SLP | 50 | Commitment to fund targeting Irish purpose-built student accommodation developments, primarily in new developments, in regional Ireland. |
| 2022 | Cardinal Mezzanine Fund | 50 | Mezzanine finance fund targeting commercial real estate opportunities. |
| 2022 | DRES Finance Designated Activity Company | 25 | Investment which will facilitate DRES to acquire strategic residential sites across Dublin and Wicklow. |
| 2022 | Housing Infrastructure Services DAC | 40 | A revolving credit facility to HISCo, ISIF’s 50:50 joint venture with Cork County Council providing infrastructure to enable residential development (follow on). |
| 2021 | Harrison Street European Property Partners III, SLP RAIF | 25 | Real estate equity fund targeting student accommodation, life sciences and speciality residential. |
| 2021 | Housing Infrastructure Services DAC | 20 | A revolving credit facility to HISCo, ISIF’s 50:50 joint venture with Cork County Council supporting residential development. |
| 2020 | Activate III | 400 | Renewed commitment of senior debt facility provided to a real estate development firm in Ireland |
| 2019 | Bartra Property (Elbana) Limited | 8 | Equity funding to Bartra to develop shared-living sites in Dublin. |
| 2019 | Housing Infrastructure Services DAC | 2 | Commercial joint venture company with Cork County Council to provide an infrastructure 'design-build-finance' service on housing sites of scale. |
| 2019 | Irish Residential Property Fund | 140 | Fund’s objective is to assemble a portfolio of high-quality residential assets to rent primarily through forward purchasing and funding. |
| 2019 | Pearl Residential Fund | 10 | Residential equity fund providing capital to small and mid-scale developers to facilitate the build-out of residential units in Ireland. |
| 2018 | Herbert Park ICAV | 25 | Investment in a private rental sector platform. |
| 2018 | Activate I | 175 | Increased commitment to senior debt facility provided to a real estate development firm in Ireland. |
| 2018 | Urbeo No.1 Sub-Fund | 60 | Investment in build to rent residential platform. |
| 2017 | European Commercial Real Estate Loan Investments 2013 DAC | 25 | Residential debt fund with the potential to deliver c400 homes. |
| 2017 | Hines Cherrywood Development Fund ICAV | 52 | Enabling infrastructure works necessary to unlock residential housing in Cherrywood SDZ. |
| 2016 | Ardstone Residential Partners Fund ICAV | 30 | Residential housing fund in which ISIF is a cornerstone investor focused on delivering over 1,500 homes. |
| 2015 | QREA Financing Limited - Facility A | 17 | 17m of Quadrant CRE Fund used to develop apartments |
| 2015 | Campus Residences Limited | 54 | Cornerstone investor supporting the commercial funding of DCU’s Campus Development Program. |
| 2015 | Activate I | 325 | Senior debt facility provided to a real estate development firm in Ireland. |
| 2014 | WLR Cardinal Mezzanine Fund L.P | 75 | Mezzanine finance fund targeting commercial real estate opportunities |
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