Pension reserve fund and bank to invest €79m in technology sector

The National Pensions Reserve Fund and Silicon Valley Bank have entered an agreement that will see €79 million invested in the Irish technology scene.

The NPRF has also agreed to invest in technology-focused funds managed by Silicon Valley Bank Capital. The NPRF has committed to investing €39m with Silicon Valley Bank.

As part of the agreement the NPRF will provide Silicon Valley Bank with guidance while the bank will take on an Irish employee to help identify companies in which to invest.

Silicon Valley Bank focuses on technology, life science, cleantech, venture capital, private equity, and premium wine businesses.

President and chief executive Greg Becker, the Irish Government, and NPRF had facilitated their entry into the market.

“Building on the momentum we’ve seen in the UK with our recently opened UK branch and our aspirations to support our innovative clients around the world, we are really looking forward to bringing our knowledge and global network to entrepreneurs in Ireland,” Mr Becker said.

“We’d like to thank the Irish Government and particularly the NPRF for their proactive approach and support of our efforts to enter the market.”

NPRF chairman Paul Carty said the bank would help Ireland establish the innovation sector that Silicon Valley is famous for.

“Bringing Silicon Valley Bank’s expertise and understanding of emerging and high-growth companies to Ireland will have a significant and positive impact on the ability of our vibrant innovation sector to reach its long-term growth potential,” he said.