TirNua today announced that the Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has committed up to €140m (£121m) as a cornerstone investor in its major new energy transition-focused infrastructure fund.
TirNua is an independent private markets investment manager formed between ILIM and Northleaf Capital Partners, a global private markets investment firm that specialises in infrastructure, private equity and private credit.
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With €340m of initial commitments, the first vehicle on the TirNua platform will primarily invest in infrastructure assets that TirNua believes will support the energy transition efforts in Ireland.
The Fund’s investment focus will include renewable power, energy efficiency, renewable fuels, clean transportation, and other supporting infrastructure.
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TirNua has established an Ireland-based investment team led by chief executive David O’Brien, and is actively sourcing and evaluating investment opportunities. The fund is expected to be the first in a series of funds.
ISIF has led the investment round in the 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.
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“This commitment to TirNua’s fund is a strong example of how ISIF’s climate investment programme is supporting the Government’s Climate Action Plan – backing both new and existing fund managers, platforms and businesses to enable infrastructure to support Ireland’s energy transition,” said Rebekah Brady, interim director of ISIF.
“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.”
