ISIF Impact Report 2014-2024: 10 Years of Impact (Ireland Strategic Investment Fund (ISIF))

Summary

• ISIF has committed €8.8bn since 2014, which has been amplified by co-investment, growing total investment from €3.6bn in 2014 to €21.4bn at end 2024.p.7
• ISIF has generated €2.3bn in returns, an annualised return of 3.1% from inception to year end 2023.p.7
• ISIF recycled €5.3bn from distributions, sales proceeds and realisations and deployed €6.8bn over the 10 years.p.7
• The latest economic impact survey shows 34,385 jobs supported.p.7
• ISIF exceeded its co-investment target with €1.4m of third-party capital alongside every €1m committed by ISIF.p.11
• Venture capital funds raised by Irish SMEs rose from €400m in 2014 to a record €1.48bn in 2024.p.15
• ISIF is a €14.6bn fund comprising the Discretionary Portfolio (€8.4bn) and the Directed Portfolio (€6.2bn).p.12

Key insights

1. Scaling indigenous businesses accounts for 47% of Irish Portfolio commitments by impact theme, ahead of housing and enabling investments at 31%.p.10
2. ISIF earned an investment return of 4.3% in the year 2023, with a target to exceed the five-year rolling cost of Government debt (2.7% at end-2023).p.12
3. ISIF has committed over €1.5bn to Irish homebuilding projects, with over 16,000 new homes expected to be supported by the end of 2025.p.19
4. Activate Capital has supported the development of over 24,500 new homes.p.19
5. The 2023 survey shows revenue of €4.1 billion, Gross Value Add of €1.9 billion and exports of €1.4 billion across ISIF investees.p.23
6. Construction represents the largest source of jobs (20%) in the annual economic impact survey.p.24
7. The first Irish Climate Action Plan estimated that capital investment of c.€125 billion would be needed in low-carbon technologies and infrastructure in the period 2021 to 2030.p.20
8. ISIF committed €76m to Greencoat Renewables PLC, one of its largest climate investments in the last 10 years.p.31
9. ISIF launched a €2 billion Pandemic Stabilisation and Recovery Fund in May 2020 and committed over €400m across 20 investments during 2020.p.32
10. MilkFlex has advanced over €340m in loans to approx. 2,600 farmers by early 2025.p.30