Ireland Strategic Investment Fund, Dublin, committed €50 million ($55 million) to P Capital Partners Fund V, a debt strategy that finances companies in Northern Europe.
The €8.5 billion sovereign wealth fund said in a news release that the fund will "provide loans to growing entrepreneur-led and family-owned businesses in Ireland," adding that the allocation aligns with its investment theme of supporting the scaling of Irish indigenous businesses.
Sweden-based PCP has provided debt financing to Irish companies since 2012.
"This commitment is another example of how ISIF aims to support Irish businesses under its double bottom-line mandate, deploying capital on a commercial basis, supporting the scaling of indigenous businesses that in turn will generate economic activity and employment," said Nick Ashmore, director, in the release. "This partnership with PCP will help to support entrepreneurs who want to take their businesses to the next level of growth."
PCP V launched in October 2022.