Ireland Strategic Investment Fund, Dublin, committed €25 million ($31.1 million) to a small-housing investment fund run by Man GPM Aalto, part of Man Group, a spokesman said.
The €8.7 billion sovereign wealth fund already has investments that support larger developers, and the new initiative means its investments span the full spectrum of Irish housebuilding, the spokesman said.
The €75 million investment fund is aimed exclusively at boosting housing supply from smaller developers and projects, expecting to deliver about 330 new homes and support up to 1,000 construction jobs.
"ISIF has committed over €526 million to building more homes in Ireland, and this is a significant addition to our portfolio that further demonstrates our ability to improve the supply of new housing," the spokesman said. "We expect the €25 million committed by ISIF will act as a catalyst for up to €115 million in new development activity. Delivering a benefit of up to 4.5 times the ISIF investment highlights ISIF's crucial role in attracting additional investment in the Irish economy from private-sector co-investors."
