The Ireland Strategic Investment Fund (ISIF) has committed an additional €1bn to climate investments and €500m to the cities of Cork, Limerick, Galway, Waterford and Kilkenny.
The ISIF has exceeded its previous targets of €1bn and €500m for investments in climate and the five regional cities two years ahead of schedule.
The doubling of ISIF's financial commitment in both categories coincide with the publication of ISIF's 10 years of Impact report, which sets out its progress since inception in 2014.
ISIF made investments totalling €1.6bn in 2024, bringing its total investment in businesses and projects in Ireland to €8.8bn.
The fund, which is part of the National Treasury Management Agency (NTMA), said it catalyses €1.4m in third party co-investment for every €1m it invests, and that it has unlocked total investment of €21bn in the businesses and projects it has funded.
The report shows that ISIF has generated €5.3bn to make available for recycling in fresh investments as a result of a combination of successful exits from previous investments, distributions from investments which it continues to hold, and realisations from current and previous investments.
It has also generated over €2.3bn in investment returns across its portfolio by the end of 2023, exceeding the five-year rolling cost of Irish government debt.
Furthermore, ISIF has committed over €1.5bn to Irish homebuilding projects that will deliver 16,000 new homes by the end of 2025, and it has supported over 34,000 jobs in Ireland.
"We have made a big difference and we intend to continue making a big difference - ISIF has demonstrated its commitment to playing a leading role in investing to address the climate challenge and in unlocking the economic potential of Ireland’s regions," said Nick Ashmore, director of ISIF.
"We’ve matched our ambitions by deploying over €1.5bn in these two sectors alone and today we’re adding to our existing commitment by doubling this investment over the coming years.”
Frank O'Connor, chief executive of the NTMA, said ISIF had developed into "an innovative investment vehicle that addresses key impact themes.
"By partnering with co-investors, it has been successful in creating a valuable network of global investors and domestic investees, bringing together so many exciting businesses, entrepreneurs, innovators and capital providers," he added.
Minister for Finance Paschal Donohoe said that ISIF "will continue to play a key role in addressing their four key investment themes of climate, housing and enabling investments, scaling indigenous businesses, and food and agriculture."
Photo: Nick Ashmore. (Pic: Supplied)
