ISIF 2023 Mid Year Update (Ireland Strategic Investment Fund (ISIF))

Summary

• In the first half of 2023 the ISIF portfolio achieved a 1.7% return, contributing €136 million to the fund's overall value.p.3
• ISIF committed an additional €311 million across its key themes in the first half of 2023.p.3
• Theme updates include €119M of additional commitments to the climate portfolio and €125M to support the growth of indigenous businesses.p.4
• €400M has been committed to date to investments that support the scaling of Irish agri-food companies and sectors.p.4
• The well diversified portfolio of €8.5BN is split into equity €3.5bn, fixed income €1.6bn, absolute return €1.4bn, real assets €1.3bn and cash €0.6bn.p.6
• Full year 2022 Gross Value Add was €2.3 billion and turnover was €5.6 billion.p.8

Key insights

1. ISIF made a €40m commitment to Gilde Healthcare Fund VI, a new €600m global fund that will back medtech and therapeutics investments.p.5
2. ISIF made a €94m commitment to Octopus Energy Generation's Sky Fund for investment in renewable energy projects.p.5
3. ISIF participated in the final close of the Elkstone €100m Early-Stage Irish Venture Fund.p.5
4. A further €66M commitment was made to unlock the economic potential of Ireland's 5 regional cities.p.4
5. Gross Value Add rose 49% year on year and turnover rose 49% year on year.p.8
6. The wage bill was €1.5 billion, up 24% year on year, and exports were €1.4 billion, up 28%.p.8
7. Employment supported by ISIF capital was split 56% in Dublin and 44% outside Dublin.p.8