Ireland Strategic Investment Fund, Dublin, committed €15 million ($17 million) to Elkstone Ireland Venture Fund, managed by Elkstone Private Advisors, a spokesman for the €9 billion sovereign wealth fund confirmed.
The €100 million fund invests in Irish early stage companies that look to provide local employment and also aims to finance the next generation of startups.
"ISIF is a strong supporter of indigenous Irish businesses that have ambitions to scale and target international markets," said Nick Ashmore, director of ISIF, in a news release Thursday.
"This fund expands our reach in early stage venture capital and gives Irish businesses a valuable new option for attracting the capital they need to grow," Mr. Ashmore added.
"Our new partnership with Elkstone will fuel the success of a range of fast-growing Irish businesses, and we aim to build on these success stories in the coming years," he said.
As of the end of 2021, the most recently available data, ISIF had about €1 billion of commitments to venture capital funds.