Ireland Strategic Investment Fund (ISIF)

An Ciste Infheistíochta Straitéisí d'Éirinn · Ireland · Europe · Founded 2014 · Strategic development fund · IFSWF full member

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Focus

ISIF: what it invests in

Real estateRenewables and climateInfrastructure and utilitiesTechnologyHealthcare and life sciencesAgriculture and food security

Private equityVenture capitalPrivate creditInfrastructureReal estatePublic equities

Geography Mainly domestic

Scale

ISIF: how big it is, and on what basis

EUR 16.1B

Net assets or equityAs of 2025-12-31

In US dollars: about USD 18.9B. EUR 16.1 billion at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.

Return, 2025 8.1% (Discretionary Portfolio)

Transparency

ISIF: what it publishes

9.0 of 10 Band 5 of 5

Published 8 · Partly 2 · Not published 0

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

Total fundS1: EUR 16.1B (31 December 2025); As of 2025-12-31
Return, 2025S4: 8.1% (Discretionary Portfolio); As of 2026-07-08
Committed in IrelandS1: EUR 9.7B (Since 2014); As of 2025-12-31
Co-investment drawn inS1: EUR 13.7B (EUR 1.40 per EUR 1); As of 2025-12-31
Average ticket, 2025S1: About EUR 62M; As of 2025-12-31
Jobs supportedS1: 37,645 (End 2024); As of 2025-12-31
Homes deliveredS1: 27,000 (Plus 2,500 student beds, to end 2025); As of 2025-12-31
Transparency scoreS1: 9 of 10; As of 2025-12-31

At a glance. ISIF is Ireland's sovereign development fund, run by the NTMA. It held EUR 16.1 billion (about USD 18.9 billion) at end 2025 across a Discretionary Portfolio of EUR 9.7 billion and a Directed Portfolio of EUR 6.4 billion. It seeks a double bottom line: commercial returns plus jobs and growth in Ireland, mainly through funds, platforms and minority stakes in housing, climate and scaling Irish firms. S1 S3

Key points

Committed EUR 9.7 billion in Ireland since 2014, drawing EUR 13.7 billion from co-investors. S1
That is EUR 1.40 of private money for every euro, against a 1 to 1 founding target. S1
Discretionary Portfolio returned 8.1 percent in 2025 and 3.8 percent a year since inception. S4
22 investments of over EUR 1.4 billion in 2025, about EUR 62 million each on average. S1
A further EUR 492 million across 11 deals in January to May 2026. S4
Housing is the largest theme: EUR 915 million committed in 2025. S1
Investee firms supported 37,645 jobs at end 2024. S1

Interesting facts

The fund put EUR 20.7 billion into two Irish banks in the crisis and has now received EUR 20.7 billion back in cash. S1
It passed its target of 25,000 homes by 2030 early and set a new goal of 50,000. S5
It always invests as a minority holder, preferring primary capital. S6

Mandate and goals

ISIF must invest on commercial terms in ways that support economic activity and employment in Ireland, aiming to beat the five-year rolling cost of Irish government debt. S1

Climate and energy transition. S6
Housing, infrastructure and sustainable development. S6
Scaling Irish businesses. S6
Food, agriculture and marine. S6
National and compelling opportunities outside the four themes. S6
Spending rule: No regular payout; Directed Portfolio cash moves on Ministerial direction (EUR 1,264m to the Exchequer and EUR 500m to the Land Development Agency in 2025) S1

How it invests

Industries	Real estate, Renewables and climate, Infrastructure and utilities, Technology, Healthcare and life sciences, Agriculture and food security S6
Asset classes	Private equity, Venture capital, Private credit, Infrastructure, Real estate, Public equities, Fixed income, Hedge funds and absolute return, Commodities and gold, Cash and money markets S1
Stages	Venture, Growth, Buyout, Infrastructure, Real estate, Credit S6
Geography	Mainly domestic. Irish Portfolio invests only in Ireland; the liquid Funding Portfolio is global S1
Direct / through funds / co-invest	Yes / Yes / Yes S6 S1
Ticket size	Average commitment about EUR 62 million in 2025; Investment Committee decides up to EUR 150 million, the Agency above that S1 S4
Deal sizes seen	EUR 4M to EUR 500M commitments in 2025
External managers	Commits to Irish and international fund managers; BNY Mellon is custodian S1
Co-investment programme	EUR 13.7B of co-investment drawn in since 2014; Irish banks add up to EUR 200M of equity next to the homebuilding programme S1

Asset mix: Equity 37.5%, Fixed income 27%, Real assets 19%, Absolute return funds 10%, Cash 6% (as of 2025-12-31) S1

Published criteria

Commercial return above the cost of Irish government debt, 2.5 percent at end 2025. S1
Measurable economic impact in Ireland: jobs, output and exports. S1
Minority positions alongside other investors, with a preference for primary capital. S6
Excludes 261 fossil fuel firms, tobacco makers and cluster munitions. S1

Past investments

Year	Investment	Type	Sector	Stage	Amount
2026	Avenue Ireland Opportunities Fund. Senior secured construction loans to Irish homebuilders; part of EUR 250M of housing commitments on 29 June 2026. S5	Fund commitment	Real estate	Credit	EUR 100M
2026	TirNua energy transition fund. Joint venture fund with Irish Life for the energy transition. S9	Joint venture or partnership	Renewables and climate	Infrastructure	Up to EUR 140M
2026	GS EU battery storage fund. Gore Street Capital fund for grid battery storage, first close 22 January 2026; within the EUR 2B climate programme. S10	Fund commitment	Renewables and climate	Infrastructure	Up to EUR 75M
2025	Activate Investments Six DAC. Lending platform for homebuilders; the largest 2025 commitment. S1	Fund commitment	Real estate	Credit	EUR 500M
2025	Homebuilder Capital Solutions Fund. Avenue Capital fund financing Irish housing delivery. S1	Fund commitment	Real estate	Credit	EUR 150M
2025	InfraVia European Fund VI. European infrastructure fund with an Irish investment commitment. S1	Fund commitment	Infrastructure and utilities	Infrastructure	EUR 100M
2025	Glassworks Showroom, Waterford. Redevelopment of the former Waterford Crystal site under the regional city programme. S1	Direct investment	Real estate	Real estate	EUR 30M
2025	BioDiscovery 7. Life sciences venture fund run by Andera. S1	Fund commitment	Healthcare and life sciences	Venture	EUR 30M
2025	Equal1 Laboratories. Direct equity in an Irish quantum computing company. S1	Direct investment	Technology	Venture	EUR 12M
2025	ProVerum. Direct equity in an Irish medical device company. S1	Direct investment	Healthcare and life sciences	Venture	About EUR 4M (USD)
Not published	Bank of Ireland and AIB. Crisis-era stakes made at Ministerial direction; EUR 20.7B returned in cash. No AIB shares held at end 2025. S1	Sale or exit	Financial services	Public markets	EUR 20.7B

Case studies

Housing: from 25,000 to 50,000 homes S1 S5 S11

What: Funding platforms, lenders and equity for Irish homebuilders through funds like Activate and Avenue.
When: 2023 onward
Size: EUR 2.5B housing commitments at end 2025
Why: Housing supply is a national priority and private finance was thin.
Outcome: 27,000 homes and 2,500 student beds delivered by end 2025; new target of 50,000 homes; equity programme doubled to EUR 800M.

Bank stakes repaid in full S1

What: EUR 20.7B of the pension reserve went into AIB and Bank of Ireland at Ministerial direction.
When: Financial crisis to 2025
Size: EUR 20.7B
Why: Recapitalising the banking system.
Outcome: EUR 20.7B received back in cash: EUR 5.1B from Bank of Ireland and EUR 15.6B from AIB; the AIB stake was fully sold by end 2025.

EUR 2B climate programme S10 S1

What: Commitments to battery storage, wind and energy transition funds, such as Gore Street and NTR.
When: 2021 onward
Size: EUR 1.2B of climate investments 2021 to 2025
Why: Ireland needs grid flexibility and renewables to meet climate goals.
Outcome: Gore Street GS EU fund backed with up to EUR 75M in January 2026, after EUR 30M to a Gore Street fund in 2019.

Investment process

The NTMA Agency, chaired by Rachael Ingle, sets strategy. The ISIF Investment Committee approves deals up to EUR 150M; larger Irish Portfolio deals and the strategy go to the Agency. S1

Committee	Role
NTMA Agency	Eleven members; approves strategy and Irish Portfolio deals above EUR 150M S1
ISIF Investment Committee	Approves ISIF investments up to EUR 150M; reviews the Funding Portfolio strategy S1

Proposals are tested against the five investment themes. S6
The team checks both commercial return and Irish economic impact. S1
ISIF looks for co-investors so private money matches or exceeds its own. S1
Approval by the Investment Committee, or the Agency above EUR 150M. S1

How to approach: The ISIF website sets out themes and how to engage; fund managers and Irish companies apply through it. S12

Size and returns

Headline size: EUR 16.1B (Net assets or equity, as of 2025-12-31) S1 S3
In US dollars: about USD 18.9B. EUR 16.1 billion at the ECB rate of 0.85106 euro per US dollar on 31 December 2025.
Discretionary Portfolio: EUR 9.7B (Net assets or equity, as of 2025-12-31) S1
Directed Portfolio: EUR 6.4B (Net assets or equity, as of 2025-12-31) S1
Return, 2025: 8.1 percent (Discretionary Portfolio) S4
Return, Since inception (December 2014): 3.8 percent a year S4

Leadership

Name	Title	Since
Rebekah Brady	Interim Director, ISIF S7	2025-12
Cath Rogers	Deputy Director, Head of Investment S7	Not published
Ciara Lehane	Deputy Director, Head of Operations S7	Not published
Mary Macnamara	Deputy Director, Head of Portfolio Management S7	Not published
Frank O'Connor	Chief Executive, NTMA S1	Not published
Rachael Ingle	Chairperson, NTMA Agency S1	2023-12
Simon Harris	Tánaiste and Minister for Finance S10	Not published

Governance and transparency

Legal basis: National Treasury Management Agency (Amendment) Act 2014, as amended S1
Oversight: NTMA Agency and Minister for Finance S1
Auditor: Comptroller and Auditor General S1
Fossil Fuel Divestment Act 2018 shapes exclusions. S1
Founding PRI signatory and One Planet SWF member; stewardship via Federated Hermes EOS. S1
Sister NTMA funds: the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. S1

Transparency score: 9.0 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

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

History

Date	Event
2014-12-22	ISIF set up from the National Pensions Reserve Fund. S1
2023-07	Equity for homebuilding programme launched. S11
2025-12	Homebuilding programme doubled to EUR 800M; Rebekah Brady named Interim Director. S11
2026-03-10	Up to EUR 140M for TirNua fund with Irish Life. S9
2026-06-29	EUR 250M of housing commitments; 50,000 homes target. S5
2026-07	Investment Strategy republished. S6

For family offices

ISIF is one of the most open sovereign funds for partners. It wants private money next to every euro it invests, so managers and co-investors with an Irish angle are its natural counterparts. S1

Anchor or cornerstone commitments to funds that invest in Ireland. S1
Co-investment alongside ISIF in Irish growth companies and real assets. S6
Equity for homebuilding programme: Irish homebuilders; EUR 800M with up to EUR 200M more from banks S11
Climate programme: Climate and energy transition managers and projects; EUR 2B over four years S1

Reports

NTMA Annual Report and Financial Statements 2025: https://assets.isif.ie/publications/NTMA-Annual-Report-Financial-Statements-2025.pdf S1
ISIF Investment Strategy 2026: https://assets.isif.ie/publications/ISIF-InvestmentStrategy_Published2026-1.pdf S6

Common questions

How big is ISIF?

EUR 16.1 billion at 31 December 2025: EUR 9.7 billion Discretionary and EUR 6.4 billion Directed. S1

Who leads ISIF?

Rebekah Brady, Interim Director since December 2025, within the NTMA. S7

What does ISIF return?

8.1 percent on the Discretionary Portfolio in 2025 and 3.8 percent a year since inception. S4

How large are ISIF investments?

About EUR 62 million on average in 2025, from about EUR 4 million direct stakes to a EUR 500 million housing platform. S1

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All sovereign wealth funds in Europe · All strategic development funds · All funds in Ireland

Sources

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