The Ireland Strategic Investment Fund (ISIF) was established on 22 December 2014 with a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State.
The assets of the National Pensions Reserve Fund (NPRF) became assets of the ISIF on the ISIF’s establishment (except for assets governed by foreign law which remain NPRF assets until their transfer). €7.1 billion in the NPRF “discretionary portfolio” will be available for investment in accordance with the ISIF’s mandate as set out above. €13.3 billion in the NPRF’s “directed portfolio” will continue to be managed at the direction of the Minister for Finance.
The process of transferring all remaining NPRF assets to the ISIF is currently underway.
The NPRF is controlled and managed by the National Pensions Reserve Fund Commission (NPRF Commission) acting through its manager, the National Treasury Management Agency (NTMA). On the establishment of the ISIF, the number of members of the NPRF Commission was reduced from seven to one – the Chief Executive of the NTMA – who is responsible for the control and management of the NPRF until the completion of the transfer of all NPRF assets to the ISIF.
Following the completion of this transfer process, the NPRF Commission will be dissolved.
Further information on the ISIF is available on the NTMA’s website.
Click here to view our presentation from the ISIF Market Engagement Event in March 2014.