Thursday 17 April 2014

Pension Reserve sell-off to raise stimulus cash

THE National Pension Reserve Fund (NPRF) has begun selling off its portfolio to raise cash for the Government’s stimulus package, it was announced yesterday. 

The €6.8bn stimulus was announced by the Government last June in a bid to foster economic growth and boost employment.

The pension fund is being wound up and the money being put into a new Ireland Strategic Investment Fund.

The money will be ploughed into projects such as road building, water infrastructure and school-building programmes, where there is a known need for investment and where the Government thinks it will be able to make a return on the money spent.

The NPRF is off-loading about €800m of its global equity interests being held in 24 separate private funds across the world

The sale process, to an international equity management company called Lexington Partners, began last September but details only emerged this afternoon.

A spokesman for the NPRF said it would not be disclosing the commercial terms of the sale.

The transaction is expected to be completed in the coming months.

“The sale, which was initiated in September 2013, was undertaken in the context of generating liquidity to facilitate the NPRF’s transition into the Ireland Strategic Investment Fund, whereby its €6.8bn of assets are to be made available for investment on a commercial basis to support economic activity and employment in Ireland,” an NPRF statement said.


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