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National Pensions Reserve Fund commits EUR30m to venture capital funds

The National Pensions Reserve Fund will commit EUR30m to two venture capital funds in support of Innovation Fund Ireland. 

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

DFJ Esprit Fund III (EUR20m) and DFJ Fund X (EUR10m) are the recipients of the investment. 

DFJ Esprit is a pan-European venture capital firm that has backed companies such as Lovefilm, Buy.at and Imagine in Ireland.DFJ is an investor in emerging technologies and has backed companies such as Skype and Tesla Motors.

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

DFJ has been working with the IDA to identify opportunities within its network to bring fast growing venture backed companies to Ireland as an attractive European landing point.

Paul Carty, chairman of the NPRF, says: “These investments will form part of our private equity and venture capital allocation. They not only represent a strong commercial opportunity for the Fund but also form a robust first step for Innovation Fund Ireland in attracting high quality venture capital managers to Ireland.”

Simon Cook, chief executive of DFJ Esprit, adds: “We are delighted to gain the support of the NPRF. We have had good success in the Irish market to date. Looking forward, we clearly see the huge potential of the country’s technology companies. With the addition of Brian Caulfield to the team we are looking to broaden our Irish portfolio and, using the global DFJ Network, grow these new investments into world beating companies.”

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