The Ireland Strategic Investment Fund (ISIF) and the CIC Capital Corporation (CIC Capital) have today announced a €150 million Fund to invest in both high-growth Irish technology firms with an ambition to access the Chinese market, and Chinese firms seeking to use Ireland as a base for European operations.
The Fund is a successor to the now fully-invested China Ireland Technology Growth Fund, announced in 2014 by ISIF’s predecessor, the National Pensions Reserve Fund (NPRF) and China Investment Corporation (CIC).
The Fund was launched by An Tánaiste and Minister for Foreign Affairs & Trade, Simon Coveney T.D. and Vice Chairman and President of CIC, Tu Guangshao, at an event in Beijing this morning as part of An Tanaiste’s visit to China and Hong Kong.
The new Fund, which will again be co-managed by Dublin-based Atlantic Bridge and Beijing-based WestSummit Capital, will place a stronger focus on targeting Chinese companies who wish to use Ireland as a base to access the European market, as well as continuing to invest in Irish companies with a strategic interest in accessing China.
Atlantic Bridge and WestSummit Capital offer cross-border expertise and local networks in China and Ireland to support investee’s international expansions.
The target sectors of the Fund will include hardware opportunities underpinning next generation products, such as Internet of Things (IoT) and mobile devices, and software applications such as big data, robotics and artificial intelligence (AI), all areas of strength for both Ireland and China.
Speaking at the Fund launch, An Tánaiste and Minister for Foreign Affairs & Trade, Simon Coveney said, "This fund is a strong vehicle for Irish companies seeking to gain a better foothold in, and understanding of, the increasingly important Chinese market and facilitates Chinese technology companies as they seek to go global and to enter the European market. The fund, fostering knowledge exchange in both directions, will be of mutual benefit, creating jobs in Ireland and increasing revenues for and the profiles of companies in Ireland’s innovative high tech sector."
Eugene O’Callaghan, Director of ISIF added, "China has emerged as a leader in many areas of technology over the last four years. We look forward to working with CIC Capital again on this new Fund, which will offer a strong economic return to Ireland, as Chinese companies looking to gain access to Europe use Ireland as a base for their operations. The Irish companies that will benefit from the Fund will gain from the opportunities to grow their business and product potential in the Chinese market."
Source: www.businessworld.ie
