About ISIF

Flexible, Long–Term, Sovereign Investment Partner

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To invest on a commercial basis to support economic activity and employment in Ireland

The Ireland Strategic Investment Fund (ISIF), controlled and managed by the National Treasury Management Agency (NTMA), is a €10.5bn fund. The ISIF is comprised of the Discretionary Portfolio (€7.9bn) and the Directed Portfolio (€2.6bn). The Discretionary Portfolio has a “double bottom line” mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. In December 2014, the assets of the National Pensions Reserve Fund (NPRF) transferred to ISIF to enable it to make investments that meet this mandate.

In July 2018, the Minister for Finance announced that the ISIF would focus on priorities that will support Project Ireland 2040; Regional Development, Housing, Indigenous Businesses, Climate Change and sectors adversely affected by Brexit. The Directed Portfolio (primarily public policy investments in AIB and Bank of Ireland) continues to be held within the ISIF under direction from the Minister for Finance.


Following a review by the Minister for Finance of potential supports for Ireland's economy during the Covid-19 pandemic, the Ireland Strategic Investment Fund has been asked to focus on investment in medium and large scale enterprises in Ireland through a Pandemic Stabilisation and Recovery Fund (PSRF).

The PSRF will focus on investment in large and medium enterprises employing more than 250 employees or with annual turnover in excess of €50 million. ISIF may consider investing in enterprises below these levels if they are assessed to be of substantial scale and of significant importance at national or regional level .

Ireland Strategic Investment Fund