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Infrastructure, Climate and Nature Fund

Ireland · Europe · Founded 2024 · Stabilisation fund · Not an IFSWF member

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Focus

Infrastructure, Climate and Nature Fund: what it invests in

Fixed incomeCash and money markets

Geography Regional

Scale

Infrastructure, Climate and Nature Fund: how big it is, and on what basis

About EUR 4.1B (end 2025)
Fund market valueAs of

In US dollars: about USD 4.8B. Converted at EUR 0.85106 per USD, ECB rate for 31 December 2025

2025 return 2.2% (net)

Transparency

Infrastructure, Climate and Nature 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
About EUR 4.1B (about USD 4.8B, end 2025)
As of
2025 returnS1
2.2% (net)
As of
Since inceptionS1
2.4% a year
As of
Yearly contributionS3
EUR 2B (to 2030)
Expected size, end 2026S4
About EUR 6B
As of
Transparency scoreS1
8.5 of 10
As of

At a glance. The ICNF is an Irish State fund run by the NTMA that sets money aside for economic or fiscal shocks and for designated climate and nature projects from 2026 to 2030. It was worth about EUR 4.1B (about USD 4.8B) at end 2025, held in short-dated euro government bonds and cash, and is expected to reach about EUR 6B by end 2026. S1 S4 S5

Key points

  • Receives EUR 2B a year from the Exchequer to 2030, about EUR 14B in total. S1 S3
  • Can fund State spending in a downturn or on designated environmental projects; it does not invest in projects itself. S3
  • Returned about 2.2 percent net in 2025 and 2.4 percent a year since inception, ahead of benchmark. S1
  • Long-term mix: 90 percent low-risk public debt and cash, 10 percent higher-risk public debt. S1
  • Index mandates run by State Street and BlackRock; Northern Trust is custodian. S1
  • German and French issuers were 22 percent each at end 2025. S1

Interesting facts

  • Its first EUR 2B came from the National Reserve Fund in September 2024. S1
  • During 2025 the NTMA debt team managed it in house, buying only A- or better bonds of up to three years. S1
  • It shares an investment committee with the Future Ireland Fund, with four external members. S1

Mandate and goals

Support State spending in years of significant economic or fiscal deterioration from 2026, and on designated environmental projects in 2026 to 2030. S3

  • Preserve the capital entrusted to it. S1
  • Earn the best total return for the risk, including ESG risks. S1
  • Keep liquidity for withdrawals. S1
  • Return target: Beat the reference portfolio, a 1 to 3 year global aggregate bond index hedged to euro S1

How it invests

Industries. Sector agnostic S1
Asset classesFixed income, Cash and money markets S1
StagesPublic markets S1
GeographyRegional. Euro area sovereign issuers at end 2025, with cash at 13 percent; global bonds under the long-term strategy S1
Direct / through funds / co-investYes / No / No S1
Ticket sizeNo direct project or company investing S3
External managersState Street Investment Management and BlackRock run global fixed income index mandates; Northern Trust is custodian S1
Co-investment programmeNone S3

Asset mix: Public low-risk debt and cash (long term) 90%, Public higher-risk debt (long term) 10% (as of 2025-12-31) S1

Largest country weights: Germany 22%, France 22%, Belgium 15%, Netherlands 12%, Spain 9%, Austria 4% S1

Published criteria

  • Interim rule: A- or better, maturity up to three years. S1
  • ESG framework with five guiding principles. S1

Past investments

The fund has not published a list of investments.

Case studies

Moving to the long-term strategy S1

  • What: The NTMA began a phased switch from in-house short bonds to external global bond index mandates.
  • When: January 2026
  • Size: About EUR 4.1B
  • Why: Add some diversification and higher expected returns within a low risk budget.
  • Outcome: Transition expected to complete within six months.

Investment process

The NTMA sets investment strategy after consulting the Minister for Finance and the Minister for Public Expenditure. A Future Ireland Funds Investment Committee advises and oversees. S1

CommitteeRole
Future Ireland Funds Investment CommitteeTwo NTMA members and four external members; set up December 2024 S1
  1. NTMA Board sets strategy after Ministerial consultation. S1
  2. Managers picked from a panel chosen by public procurement. S1
  3. Withdrawals only for the purposes set in the Act. S3

How to approach: Managers are appointed through NTMA public procurement panels. S1

Size and returns

  • Headline size: About EUR 4.1B (end 2025) (Fund market value, as of 2025-12-31) S1 S5
  • In US dollars: about USD 4.8B. Converted at EUR 0.85106 per USD, ECB rate for 31 December 2025
  • NTMA expectation, end 2026: About EUR 6B (Announced target, not current assets, as of 2026-07-08) S4
  • Return, 2025: 2.2 percent (net of costs) S1
  • Return, Inception to end 2025: 2.4 percent a year S1
  • Size over time (EUR billion): 2025 4.1 S1

Leadership

NameTitleSince
Frank O'ConnorChief Executive, NTMA S6Not published
Rebekah BradyDirector, Future Ireland Funds S62025-01

Governance and transparency

  • Legal basis: Future Ireland Fund and Infrastructure, Climate and Nature Fund Act 2024 S1
  • Oversight: NTMA, consulting the Minister for Finance and the Minister for Public Expenditure S1
  • Minister may raise or cut a year's contribution. S3
  • Northern Trust holds assets as global custodian. 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 S3 S6
  • Partly published: holdings or deal list, audited financial statements, regular reporting schedule. S1 S4

History

DateEvent
2024-07Act passed and fund set up. S1
2024-09EUR 2B from the National Reserve Fund. S1
2024-12Investment Committee formed. S1
2025First EUR 2B Exchequer payment. S1
2026-01Long-term strategy starts. S1
2026-07-08Mid-year update. S4

For family offices

The ICNF holds bonds and cash only and does not invest in projects or companies, so it has no route for private co-investment. S3 S1

Reports

Common questions

How big is the ICNF?

About EUR 4.1B at end 2025, about USD 4.8B. S1

Who manages it?

The National Treasury Management Agency. S1

Does it invest in infrastructure projects?

No. It funds State spending on designated environmental projects and in downturns. S3

How is it funded?

EUR 2B a year from the Exchequer to 2030, after an initial EUR 2B from the National Reserve Fund. S3

What did it return in 2025?

About 2.2 percent net of costs. S1

All sovereign wealth funds in Europe · All stabilisation funds · All funds in Ireland

Sources

  1. S1NTMA Annual Report 2025, Future Ireland Funds chapter
  2. S2IFSWF, our members
  3. S3NTMA, ICNF FAQs
  4. S4NTMA, 2026 mid-year business update
  5. S5Frankfurter, ECB reference rate USD/EUR, 31 December 2025
  6. S6NTMA, 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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