IRELAND - The National Pensions Reserve Fund (NPRF) has invested €30m ($41.8m)in two venture capital funds in Ireland.
The pension scheme committed €20m to the DFJ Esprit Fund III which invests in companies operating in Continental Europe and €10m into the DFJ Fund X, which invests in emerging technologies.
The fund has invested to support the €500m Innovation Fund Ireland, a government initiative to attract fund managers to the country. Innovation Fund Ireland funding comprises three elements. The first is Exchequer funding of €125m, which will be managed by Enterprise Ireland. The second allows the NPRF to invest a similar amount as part of its private equity programme providing its commercial investment criteria are met. The balance will be raised privately by participating venture capital managers.
NPRF chairman Paul Carty said: "These investments will form part of our private equity and venture capital allocation. They not only represent a strong commercial opportunity for the Fund but also form a robust first step for Innovation Fund Ireland in attracting high quality venture capital managers to Ireland."
Simon Cook, chief executive officer at DFJ Esprit said: "We are delighted to gain the support of the NPRF. With the addition of Brian Caulfield to the team we are looking to broaden our Irish portfolio and, using the global DFJ Network, grow these new investments into world beating companies."
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