The taxpayer-owned Ireland Strategic Investment Fund (ISIF) has committed as much as €140 million to an energy-transition joint venture fund cofounded by Irish Life Investment Managers (ILIM).
The fund will be managed by new company called TirNua Capital Partners, a joint venture between ILIM and Canadian private equity and infrastructure investment firm Northleaf Capital Partners.
Irish Life and sister company Canada Life Assurance, both of whom are owned by Canada’s Great-West Lifeco, are also cornerstone investors in the fund, which has raised €340 million to date, TirNua said in a statement on Tuesday.
The first TirNua fund will primarily invest in infrastructure assets that it believes will support the energy transition efforts in Ireland, with at least 60 per cent of investments expected to support Irish-based businesses and infrastructure projects. The investment focus will include renewable power, energy efficiency, renewable fuels, clean transportation, and other supporting infrastructure.
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TirNua has established an Ireland-based investment team led by chief executive David O’Brien, a former co-head of a BlackRock infrastructure investment unit and one-time chief financial officer of renewable energy firm NTR.
The firm is “actively sourcing and evaluating investment opportunities”. TirNua expects to launch a series of follow-on funds in time.
“As a first-of-its-kind private markets platform focused on Ireland’s energy transition, TirNua represents an exciting new way for investors to channel long-term capital into the projects that have the potential to positively shape Ireland’s future,” said O’Brien.
ISIF led the investment round in the fund to accelerate its €2 billion climate action investment programme and to continue to act as a catalyst for leveraging additional co-investment from other investors into Irish businesses and projects, according to the statement.
