I am pleased to share our latest ISIF newsletter, featuring the 2024 Economic Impact results, the Climate Update 2024, and a summary of recent investment activity.
2024 Economic Impact Results
ISIF’s double bottom line mandate means that we invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. ISIF conducts an annual survey of our investees to measure progress on economic impact and this newsletter highlights the latest survey results from 2024 on employment and economic contribution across our portfolio.
Climate Update ISIF continues to drive climate action, as highlighted in ISIF's newly released Climate Update 2024. Having exceeded its €1bn target, the Fund has pledged a further €1bn to support Ireland’s Net Zero journey, focusing on sectors with the greatest emissions reduction potential.
2025 2025 has been a year of strong progress, with new investments across ISIF's four investment themes: climate action, housing and enabling investments, food and agriculture and scaling indigenous businesses. Highlighted below include some of ISIF's more recent investments including Avenue Capital Group, Proverum, Claret Capital Partners, Sofinnova Partners and Activate Capital.
Welcoming Cath Rogers I am delighted to welcome Cath Rogers to the ISIF team as our new Deputy Director Head of Investment. Cath joined ISIF in September 2025, bringing a wealth of experience and a fresh perspective to our investment strategy.
Farewell As I prepare to leave ISIF, I want to express my sincere gratitude to all our investees, stakeholders, partners, as well as my colleagues across the NTMA and ISIF. It has been a privilege to work alongside you in delivering on our mandate and supporting Ireland’s strategic priorities. I am proud of what we have achieved together and excited for the journey ahead. My colleague Rebekah Brady will step in as interim Director of ISIF alongside her existing role as Director of the Future Ireland Funds.
Thank you for your continued support and engagement.
Economic Impact Results 2024:
ISIF aims to maximise the economic impact of its investments while ensuring that each transaction meets its commercial return objectives. Unlike traditional Government expenditure, which depletes public financial resources, ISIF’s commercial investments are designed to generate returns. These returns can then be recycled into further impactful projects, creating a sustainable cycle of economic benefit.
Through its investments, ISIF seeks to deliver positive economic impact by creating additionality, minimising displacement, and avoiding deadweight—achieved by complementing rather than competing with private sector sources of capital. In line with ISIF’s “double bottom line” mandate, a key part of the investment due diligence process is a comprehensive assessment of the economic impact potential of each transaction. This assessment typically considers the dimensions of additionality, displacement, and deadweight.
Post-investment, ISIF conducts an annual survey of all investees to collect data on economic impact and employment. This enables ISIF to monitor progress and outcomes across its portfolio. The following data reflects detailed survey responses for FY2024. Due to the volume of investees, the complexity of responses, and the depth of analysis required, publication of this data typically lags by six months or more.
2024 Climate Update
The Ireland Strategic Investment Fund remains at the forefront of climate action, as highlighted in the newly released Climate Update 2024. This comprehensive report showcases the steps ISIF has taken to address climate change, with climate remaining a central priority for the Fund.
ISIF has consistently measured and monitored climate-related metrics across both its Global and Irish Portfolios, ensuring robust oversight and transparency. In 2024, ISIF surpassed its ambitious €1bn five-year climate investment target, originally set in 2021. Building on this achievement, ISIF renewed its commitment in 2025, pledging a further €1bn towards climate opportunities over the next four years—where the Fund expects to make its greatest impact.
ISIF’s climate strategy spans all sectors where carbon emissions are present, including energy, transport, the built environment, waste, and enterprise, while also embracing other key themes vital for Ireland’s transition to a Net Zero economy.
Above all, ISIF is dedicated to supporting Ireland’s long-term journey to Net Zero before 2050, driving significant emissions reductions and amplifying positive climate impact by 2030.
