NPRF puts €10m into tech fund
THE National Pension Reserve Fund is to put €10m into a new technology-based investment fund aimed at second-tier technology companies.
The NPRF is making its fifth investment in support of Innovation Fund Ireland – a government scheme that is seeing the NPRF and Enterprise Ireland put €125m into a number of funds aimed at attracting venture capital firms to Ireland and so increase the amount of capital available here for start-up and high growth companies.
The latest investment comes alongside €20m which has been put up by Enterprise Ireland.
The funds are going into the Highland Europe Technology Growth Fund, which is focused on making venture capital investments in existing technology companies that have moved beyond the start-up stage and are now looking to grow their business.
Highland, a US-based venture capital firm, will also open a European office based in Dublin.
NPRF chairman Paul Carty explained the decision to invest in Highland's fund, describing it as a "seasoned investment team, with a strong brand, reputation and track record".
"The NPRF is pleased to be able to support Innovation Fund Ireland while investing in a way that meets our commercial investment criteria," he said.
Highland Europe managing partner Fergal Mullen said he was "delighted to have won the support of NPRF and Enterprise Ireland".
He added: "Irish technology companies are among the very best that we see and those that we back may benefit greatly from our investment capital and company building expertise.
"Ireland's entrepreneurs and technology-oriented employees are world class by any measure. The fact that Google, Facebook, Intel, SalesForce and many other technology giants have key offices here supports this view and adds to the richness of the ecosystem.
"[Our Irish team] will contribute enormously to the local investor community and we look forward to delivering strong returns for all our investors," he claimed.