ISIF is working on 60 potential investments
The Ireland Strategic Investment Fund (ISIF) is "actively working" on 60 potential investments, with another 40 at an early stage.
ISIF director Eugene O'Callaghan said its pipeline was worth around €3bn, but that not every deal would complete.
The State fund has more than €5bn left to invest, having committed just under €3bn thus far. It envisages deploying all its capital by the end of 2021, according to O'Callaghan, but does not have an absolute requirement to deploy.
Many of its investments have come in the SME sector, either to SME-focused lenders or in businesses themselves.
Asked if the amount of capital the fund had to spend risked inflating a bubble in SME valuations, O'Callaghan said he felt rising valuations was a feature of the global economy.
"The impact of quantitative easing by the Fed and the ECB and the Bank of England and so on, has been to flood the world with money, essentially, and that then drives up prices," he said.
"I don't think the Irish economy is any different than anywhere else. We would look at every transaction that we enter into, and we're acutely conscious of valuation. But ultimately, we look at the cash flows."
Sunday Indo Business