National Pension Reserve Fund, Dublin, plans to boost private equity to €2 billion ($2.4 billion) by the end of 2009, said Adrian O'Donovan, senior manager of the fund commission.
The €15.3 billion fund — established in 2001 to cover Ireland's future pension liabilities — currently has about €180 million invested in private equity: €76 million in Clayton Dubilier & Rice Fund II and €75 million in CVC Capital Partners' European Equity Partners Fund IV. The fund is also investing €29.5 million in a Vestar Capital Partners fund.
The additional money will come from cash; the fund receives 1% of the national GNP each year from the government, Mr. O'Donovan said.
The fund also intends to increase its exposure to global real estate to €2 billion by the end of 2009. Its current allocation totals about €124 million, Mr. O'Donovan said.
Separately, the fund is searching for a manager to run a €70 million MSCI EAFE small-cap equity portfolio to bring the asset class to about 2% of assets. The closing date is Jan. 13; additional information is available at www.nprf.ie.