Ireland Strategic Investment Fund, Dublin, committed €140 million ($156 million) to Irish Residential Property Fund, managed by Irish Life Investment Managers, the sovereign wealth fund said in a statement.
In efforts to supply homes to the private rental market, the fund will provide funding and development financing. ISIF will co-invest alongside private-sector investors in the fund.
ISIF has committed a total of €916 million to residential housing investments to date.
"We expect this fund will be effective in helping to alleviate the shortage of supply of homes in the private rental market," ISIF Senior Investment Director Kieran Bristow said in a news release. "This is a good example of ISIF's commitment to housing in its new investment strategy and has the potential to deliver significant quantities of much-needed new homes for people who rent."
