The National Pensions Reserve Fund (NPRF) has announced that it will commit €30 million to two venture capital funds in support of Innovation Fund Ireland, a Government initiative to attract leading international venture capital fund managers to Ireland.

DFJ Esprit Fund III, a pan-European venture capital firm that has backed companies such as Lovefilm, Buy.at and Imagine in Ireland, will receive €20 million, while DFJ Fund X, a global investor in emerging technologies, will receive €10 million. The latter has previously invested in companies such as Skype and Tesla Motors.

DFJ Esprit has also appointed Brian Caulfield as a partner of the firm based in its newly opened Dublin office. DFJ Esprit will be increasing its focus on Ireland, while DFJ will try to bring fast growing venture backed companies to the country.

Paul Carty, chairman of the NPRF, said: “These investments will form part of our private equity and venture capital allocation. They not only represent a strong commercial opportunity for the Fund but also form a robust first step for Innovation Fund Ireland in attracting high quality venture capital managers to Ireland.”

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