Friday, March 08 10:50:38
The National Pensions Reserve Fund (NPRF) today announced its fifth investment in support of Innovation Fund Ireland with a E10 million commitment to a fund managed by Highland Europe, a leading venture capital investor.
The Innovation Fund Ireland programme is a Government initiative - led by Enterprise Ireland and the NPRF - to attract leading international venture capital fund managers to Ireland and to increase the availability of capital to Irish early-stage and high-growth companies. The NPRF has committed E125 million to the Innovation Fund Ireland initiative and its five investment commitments to date amount to a total of E86 million.
The Highland Europe Technology Growth Fund will focus on making venture capital investments in existing technology companies which are at an expansion stage of development. The NPRF's commitment is alongside a E20 million investment commitment by Enterprise Ireland. Highland Europe also announced today that it plans to establish a presence in Dublin, which will be led by Highland Partner Tony Zappalà.
Speaking today, National Pensions Reserve Fund Chairman Paul Carty said: "Highland Europe is a firm led by 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."