$100m fund to help build ties between Ireland, China

New fund will target fast-growing companies with an interest or presence in China

The China Ireland Technology Growth Capital Fund will invest in fast-growing companies in Ireland that have an interest or presence in China, and will also back similar Chinese firms that want to set up here. Photograph: Nelson Ching/Bloomberg

The China Ireland Technology Growth Capital Fund will invest in fast-growing companies in Ireland that have an interest or presence in China, and will also back similar Chinese firms that want to set up here. Photograph: Nelson Ching/Bloomberg

 

A new $100 million fund aimed at strengthening ties between Ireland and China has been established by the National Pensions Reserve Fund.

The China Ireland Technology Growth Capital Fund will invest in fast-growing companies in Ireland that have an interest or presence in China, and will also back similar Chinese firms that want to set up here.

Main targets for the fund include firms involved in what it considers “core technology sectors”, such as internet, software, semiconductors and clean technology. It will also consider those in agriculture, food, medical and financial services.

The fund, which will have equal commitments from the NPRF and China Investment Corporation (CIC), will be co-managed by Beijing-based WestSummit Capital, and Atlantic Bridge, which is based in Dublin.

“China represents one of the largest and fastest growing markets in the world and we look forward to working with CIC, WestSummit Capital and Atlantic Bridge in this exciting new venture,” said NPRF chairman Paul Carty.