In 2022, ISIF announced a €50m initiative to invest in female-led private equity and venture capital funds over the subsequent two years. That €50m has now been met on schedule and exceeded, with €60m committed. Based on the success of the initiative and favourable market reaction to it, ISIF is allocating a further €100m to the initiative. Expansion of the initiative was announced by NTMA Chief Executive Frank O’Connor at an ISIF investor event earlier this week.
Investments announced so far under the initiative:
- May 2024: A €21m commitment to Norrsken Venture Capital, Fund II which is an impact focused venture capital fund that will focus on Seed and Series A investments in climate-tech and health-tech. Core investment themes include sustainable food systems, electrification, energy efficiency, and responsible consumption.
- May 2024: A €15m commitment in a first-time fund managed by Blume Equity, a climate-tech investor. Blume invests in businesses addressing climate and environmental challenges by focusing on sustainable food systems, responsible consumption and production, and healthy environment.
- Details of an additional €24m in commitments will be disclosed in the coming weeks.
Through the initiative, ISIF is seeking to demonstrate its commitment to addressing gender inequality and promoting greater diversity at senior levels – both within ISIF and in the companies and funds in which it invests.
Initial announcement in 2022:
https://isif.ie/news/isif-announces-50m-initiative-to-promote-female-led-investment-firms
Update published in May 2024:
Comment by Georgina Murphy, Investment Director – Life Sciences, ISIF
“Women have been under-represented at senior levels in finance for too long. This initiative is about recognising the barriers that female-owned investment funds can face in the market.
Because many of these firms are new, ISIF wanted to proactively identify best in class female teams, investing in both new and established managers.
These investments show we can combine our double bottom line mandate - generating a commercial return while supporting economic activity and employment in Ireland – with supporting investment firms led by women. That helps to deliver greater diversity in decision-making and more opportunities for women to pursue and succeed in senior investment roles.”