Ireland’s NPRF and CIC Team Up for Technology Growth Capital Fund

IrelandIreland’s National Pensions Reserve Fund (NPRF) and the China Investment Corporation (CIC) announced the creation of the China Ireland Technology Growth Capital Fund, a US$ 100 million vehicle. The fund will received equal commitments from both the NPRF and the CIC on behalf of WestSummit Capital, a technology growth capital investor. In March 2012, the deal was reached through a memorandum of understanding (MoU), when Irish Prime Minister Enda Kenny visited China.

The bilateral investment fund will target technology companies in Ireland that have a strategic interest or substantial presence in China. To the flipside, the fund will target Chinese firms that have a substantial presence or strategic interest in establishing a presence in Ireland to use as an entrance to Europe. Some of these targeted sectors include clean technology, semiconductors, software, internet, financial services and medical.

The China Ireland Technology Growth Capital Fund will be co-managed by WestSummit Capital and Atlantic Bridge, another technology growth capital investor.

The Silicon Isle

Microsoft, Intel, Facebook and Google all have operations in Ireland helping to foster a technology ecosystem in Ireland. More than 105,000 people in Ireland are employed in the technology sector, contributing to a major portion of gross domestic product. Domestic Irish technology companies are slowly growing facing challenges as name brand tech players have deeper pockets to attract engineers and programmers. On January 19, Silicon Valley heavyweight Hewlett Packard announced a new research and development centre in Galway. This will add up to 150 engineering jobs.

On January 17th, at the press conference, National Pensions Reserve Fund Chairman Paul Carty said: “China is now Ireland’s largest Asian trading partner as a result of strong bilateral trade growth in recent years. The NPRF is very pleased to partner with CIC in the Fund, which will aim to assist Irish companies in accessing the Chinese market and facilitate investment in Ireland by expanding Chinese companies.”

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