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Future Ireland Fund

Ireland · Europe · Founded 2024 · Savings and future generations fund · Not an IFSWF member

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Focus

Future Ireland Fund: what it invests in

Financial servicesReal estateInfrastructure and utilities
Public equitiesFixed incomeReal estateInfrastructurePrivate equityPrivate credit

Geography Global

Scale

Future Ireland Fund: how big it is, and on what basis

EUR 12.7B
Fund market valueAs of

In US dollars: about USD 14.9B. At 0.85106 euros per US dollar, ECB reference rate for 31 December 2025.

Return 2025 2.2%

Transparency

Future Ireland Fund: what it publishes

8.5 of 10 Band 5 of 5

Published 7 · Partly 3 · Not published 0

Our 10 item score. It measures what is public, not how well a fund is run.

Fund valueS1
EUR 12.7B (about USD 14.9B, end 2025)
As of
ContributionsS1
EUR 12.5B (2024 and 2025)
As of
Annual contributionS1
0.8% of GDP
As of
Return 2025S1
2.2%
As of
First withdrawalsS1
2041
As of
Listed equity targetS6
70%
As of
Transparency scoreS1
8.5 of 10
As of

At a glance. Ireland's long-term savings fund, built from surplus corporate tax years to help pay for ageing, climate and other pressures from 2041. It held about EUR 12.7 billion (about USD 14.9 billion) at end 2025 after EUR 12.5 billion of contributions, and is moving from short-dated euro government bonds to a global portfolio that is mostly equities, run by the NTMA through index managers. S1 S5 S6

Key points

  • Value of about EUR 12.7 billion at 31 December 2025; contributions of EUR 12.5 billion since 2024. S1
  • Receives 0.8 percent of GDP each year from the Exchequer; about EUR 17 billion expected by end 2026. S1 S7
  • Withdrawals cannot start before 2041. S1
  • Returned 2.2 percent in 2025 and 2.4 percent a year since inception, slightly ahead of its interim benchmark. S1
  • Long-term mix: 70 percent listed equities, 10 percent bonds, 10 percent real assets, 5 percent private equity and 5 percent private credit. S6
  • Index mandates went to State Street, Amundi, UBS and BlackRock, with Northern Trust as custodian. S1

Interesting facts

  • Its benchmark equity index is Paris-aligned and excludes emerging markets. S6
  • Fossil fuel companies are excluded by law, not just by policy. S4
  • Germany was the largest issuer in the interim portfolio, at 28 percent. S1

Mandate and goals

Support State spending from 2041 onwards. The NTMA seeks the highest return consistent with risk, including ESG risk, so that payments to the Exchequer can be steady and sustainable. S1

  • Fund spending pressures from 2041, such as ageing, climate, deglobalisation and digitalisation. S6
  • Beat an 80 percent equity, 20 percent bond reference benchmark over the long term. S6
  • Hold a global focus with no double bottom line. S4
  • Spending rule: No withdrawals for its purpose before 2041 S1

How it invests

IndustriesFinancial services, Real estate, Infrastructure and utilities. Sector agnostic S6
Asset classesPublic equities, Fixed income, Real estate, Infrastructure, Private equity, Private credit, Cash and money markets S6
StagesPublic markets, Real estate, Infrastructure, Buyout, Credit S6
GeographyGlobal. The asset mix above shows interim issuer weights at end 2025; the long-term remit is global S6 S1
Direct / through funds / co-investNo / Yes / No S1 S4
Ticket sizeNot applicable: the fund invests through index mandates, not individual deals. S1
External managersState Street, Amundi and UBS (equities); State Street and BlackRock (fixed income); Northern Trust custodian; EOS at Federated Hermes for stewardship S1
Co-investment programmeNo co-investment programme; a small private markets allocation is planned S1

Asset mix: Germany 28%, France 14%, EU institutions 11%, Belgium 9%, Spain 8%, Austria 6%, Netherlands 5%, Finland 1%, KfW 1%, Cash 17% (as of 2025-12-31) S1

Published criteria

  • Interim rule: euro sovereign and quasi-sovereign debt rated A- or better with up to three years to maturity. S1
  • Legislated exclusions: fossil fuel companies, cluster munitions and anti-personnel mines. S4
  • Discretionary exclusions include tobacco, coal processors, oil sands and nuclear weapons. S4
  • Equities benchmarked 75 percent euro hedged; bonds fully euro hedged. S6

Past investments

YearInvestmentTypeSectorStageAmount
2025Global equity index mandate, State Street. Passive global equity mandate; State Street also runs a bond mandate. S1Fund commitmentMulti-sectorPublic marketsNot published
2025Global equity index mandate, Amundi. Passive global equity mandate. S1Fund commitmentMulti-sectorPublic marketsNot published
2025Global equity index mandate, UBS. Passive global equity mandate. S1Fund commitmentMulti-sectorPublic marketsNot published
2025Global fixed income mandate, BlackRock. Passive global bond mandate, fully euro hedged. S1Fund commitmentMulti-sectorPublic marketsNot published
2024Interim euro government bond portfolio. Short-dated euro sovereign debt; Germany 28 percent, France 14 percent. S1Direct investmentMulti-sectorPublic marketsAbout EUR 12.7B at end 2025
2024Initial transfer from the National Surplus Reserve Fund. Seed capital received in September 2024. S1State asset transferFinancial servicesNot statedEUR 4.3B

Case studies

From cash parking to a global portfolio S1 S6

  • What: The fund held short euro sovereign bonds while a long-term strategy was set, then began a phased move to global markets.
  • When: 2024 to 2026
  • Size: EUR 12.7B
  • Why: Contributions arrived before the strategy and managers were in place.
  • Outcome: Strategy approved December 2025; phased switch from January 2026 over about 12 months.

Saving windfall tax for 2041 S1 S3

  • What: The 2024 Act set aside 0.8 percent of GDP a year plus a EUR 4.3B seed transfer.
  • When: 2024
  • Size: EUR 12.5B by end 2025
  • Why: To prepare for spending pressures from ageing, climate and other long-run changes.
  • Outcome: Contributions reached EUR 12.5B within about 18 months.

Investment process

The NTMA Agency (board) sets investment strategy after consulting the Minister for Finance and the Minister for Public Expenditure. An Investment Committee oversees the funds. S4 S1

CommitteeRole
Future Ireland Funds Investment CommitteeSet up December 2024 with two NTMA Agency members and four external members S1
NTMA Agency (Board)Controls and manages the funds and approves strategy S4
  1. Exchequer contributions are paid in each year. S1
  2. The NTMA sets strategy after ministerial consultation. S4
  3. Mandates are awarded to external index managers. S1
  4. Performance is measured against published benchmarks. S6

How to approach: No direct deal intake; the fund buys through index mandates. S4

Size and returns

  • Headline size: EUR 12.7B (Fund market value, as of 2025-12-31) S1 S5
  • In US dollars: about USD 14.9B. At 0.85106 euros per US dollar, ECB reference rate for 31 December 2025.
  • Total contributions to end 2025: EUR 12.5B (Committed or authorised capital, as of 2025-12-31) S1
  • Expected value, end 2026: About EUR 17B (Published estimate, as of 2026-07-08) S7
  • Return, 2025: 2.2 percent (net of costs) S1
  • Return, Since inception (2024) to end 2025: 2.4 percent a year S1
  • Size over time (EUR billion): 2024 contributions 8.4, December 2025 12.7 S1

Leadership

NameTitleSince
Frank O'ConnorChief Executive, NTMA S82022-07
Rebekah BradyDirector, Future Ireland Funds S82025-01

Governance and transparency

  • Legal basis: Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024 S3
  • Oversight: NTMA Agency, in consultation with the Ministers for Finance and Public Expenditure S4
  • Auditor: Financial statements published in the NTMA annual report S1
  • A dedicated Future Ireland Funds unit within the NTMA uses shared NTMA services. S4
  • EOS at Federated Hermes leads stewardship and engagement. S1

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, annual return, long-term returns, asset allocation, geographic or sector split, governance and mandate documents, named leadership. S1 S4 S6 S8
  • Partly published: holdings or deal list, audited financial statements, regular reporting schedule. S1 S7

History

DateEvent
2024-07Act commences and fund established. S1
2024-09EUR 4.3B seed transfer. S1
2024-12Investment Committee formed. S1
2025-12Long-term strategy approved. S1
2026-01-09Strategy published. S6
2026-01Phased move to global markets begins. S7
2041Earliest year for withdrawals. S1

For family offices

The fund buys global markets through index managers and has no co-investment programme. A small private equity, private credit and real assets sleeve is planned, which may lead to fund manager selections later. S1 S6

Reports

Common questions

How big is the Future Ireland Fund?

About EUR 12.7 billion at end 2025, roughly USD 14.9 billion. S1 S5

Who manages it?

The National Treasury Management Agency, using external index managers. S4 S1

When can money be withdrawn?

From 2041. S1

Is it an IFSWF member?

No. Its sister body, the Ireland Strategic Investment Fund, is a member. S2

All sovereign wealth funds in Europe · All savings and future generations funds · All funds in Ireland

Sources

  1. S1NTMA Annual Report 2025, Future Ireland Funds chapter
  2. S2IFSWF, members list
  3. S3Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024
  4. S4NTMA, Future Ireland Funds FAQs
  5. S5Frankfurter (ECB reference rates), USD/EUR 31 December 2025
  6. S6NTMA, long-term investment strategies for the Future Ireland Funds, 9 January 2026
  7. S7NTMA, 2026 mid-year business update, 8 July 2026
  8. S8NTMA, Management Team

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.

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