Pension fund to commit €30m to Innovation Fund

The National Pensions Reserve Fund (NPRF) has announced that it will commit €30m to two venture capital funds in support of Innovation Fund Ireland.

Innovation Fund Ireland is a Government initiative to attract leading international venture capital fund managers to Ireland.

DFJ Esprit Fund III (€20m) and DFJ Fund X (€10m) are the recipients of the investment.

DFJ Esprit is a leading pan-European venture capital firm that has backed companies such as Lovefilm, Buy.at and Imagine in Ireland.

DFJ is a leading global investor in emerging technologies and has backed companies such as Skype and Tesla Motors.

DFJ Esprit has also announced the appointment of Brian Caulfield as a partner of the firm based in Dublin and the opening of its new Dublin office.