The Ireland Strategic Investment Fund (ISIF) has committed up to €140m as a cornerstone investor in TirNua’s inaugural infrastructure fund.
Additional commitments have been secured from Irish Life Assurance and Canada Life Assurance Company, bringing the total capital raised so far to €340m
The TirNua fund’s portfolio investments will seek to support Ireland’s transition to a lower carbon economy, in sectors including renewable power, energy efficiency, renewable fuels, clean transportation and other infrastructure supporting the energy transition.
TirNua Capital is a Dublin-based private markets joint venture between Keyridge Asset Management, trading as Irish Life Investment Managers (ILIM) and Northleaf Capital Partners.
TirNua has already established an Ireland-based investment team led by CEO, David O’Brien, and is actively sourcing and evaluating investment opportunities, the firm stated.
ISIF led this investment round in TirNua’s debut fund to accelerate its €2bn 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, it stated.
Rebekah Brady, interim director, ISIF, stated: “This commitment to TirNua’s fund is a strong example of how ISIF’s climate investment programme is supporting the Irish Government’s Climate Action Plan – backing both new and existing fund managers, platforms and businesses to enable infrastructure to support Ireland’s energy transition.
“TirNua is a pioneering Irish platform which will seek to catalyse investment from pension funds and other investors into the energy transition in Ireland, driven by the ILIM partnership. We see forward to working with TirNua in the years ahead.”
Declan Bolger, CEO of Irish Life stated: “We are delighted to be first to market in offering Irish Life customers and pension scheme members access to this innovative investment opportunity. Through TirNua, our customers can seek strong long‑term returns whilst directing their pension savings towards assets that TirNua believes have the potential to support Ireland’s energy transition.
“We see forward to enabling Irish pension savers, including our Empower Master Trust, to contribute to, and benefit from, the energy transition in the decades ahead.”
David O’Brien, CEO of TirNua stated: “As a first-of-its-kind private markets platform focutilized 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. We are especially proud to have ISIF as a cornerstone partner on this journey.”
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