Ireland Strategic Investment Fund

Registry · Top 100 · Sovereign Wealth Fund · Ireland — Instantiations rank 96 · elite profile 92nd live after Khazanah. Last researched 11 September 2026. Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy / strategy
• Climate / ESG / ethics
• Performance & reporting
• Controversies & debates
• Timeline
• Depth annex — NTMA AR 2025 ISIF chapter
• Depth annex — Investment Strategy 2026
• Depth annex — Climate Update / theme page
• Depth annex — Impact Report
• Depth annex — Hermes / stewardship review
• Depth annex — Meet the Team / NTMA management
• Depth annex — site primaries & mid-year
• FAQ
• Sources & further reading
• Official video
• Completeness note

Executive brief

Ireland Strategic Investment Fund (ISIF) is Ireland’s sovereign development fund, established in December 2014 under the National Treasury Management Agency (Amendment) Act 2014 (as amended) as successor to the National Pensions Reserve Fund (NPRF). It is controlled and managed by the National Treasury Management Agency (NTMA). Soft researcher strings: ISIF / Ireland Strategic Investment Fund / NTMA. Official sites: isif.ie and ntma.ie.

Prefer official euro only for AUM headlines — do not invent a USD headline. NTMA Annual Report 2025 / ISIF chapter and the 8 July 2026 mid-year business update put the fund at €16.1 billion at end-2025, comprising Discretionary Portfolio €9.7 billion and Directed Portfolio €6.4 billion. The Discretionary Portfolio earned an 8.1% investment return in 2025; inception-to-end-2025 gains were €3.6 billion (3.8% p.a.). ISIF has committed €9.7 billion across 272 investments, unlocking €13.7 billion co-investment (total Ireland commitment including partners €23.4 billion).

Leadership (NTMA structure — keep honest): INST maps Cath Rogers — Deputy Director / Head of Investment (joined 2025; Meet the Team) — to the cio seat and keeps CEO empty. Do not invent an ISIF CEO. Rebekah Brady is Interim Director of ISIF (from December 2025) and also Director of the Future Ireland Funds (NTMA management team / Meet the Team) — cite in body; do not fill the INST CEO seat with her title. Deputy Directors: Ciara Lehane (Head of Operations); Mary Macnamara (Head of Portfolio Management). NTMA Chief Executive Frank O’Connor (appointed July 2022) is Agency ex officio — he is not an ISIF CEO (no person SSR).

≠ Future Ireland Funds (FIF / ICNF) — separate NTMA-managed vehicles (~€16.8bn combined end-2025). ≠ NPRF (predecessor). Related UAO hubs: Registry, Top 100, Norges Bank Investment Management, Guardians of New Zealand Superannuation, Khazanah Nasional Berhad.

Speakable summary

Ireland Strategic Investment Fund is Ireland’s sovereign development fund, managed by the NTMA since December 2014. Official end-2025 scale: €16.1 billion total — Discretionary Portfolio €9.7 billion and Directed Portfolio €6.4 billion. Discretionary Portfolio 2025 return 8.1%; inception gains €3.6 billion at 3.8% per annum. INST CIO seat: Cath Rogers, Deputy Director — Head of Investment; CEO seat empty. Not the Future Ireland Funds.

Mandate & ownership

Official About / NTMA business-area language: ISIF is a sovereign development fund with a unique mandate to invest on a commercial basis to support economic activity and employment in Ireland. The Fund is a strategic investor with strong public- and private-sector connections and is positioned to make connections and drive innovation across industry players.

Legal owner / controller: the NTMA controls and manages ISIF under the 2014 Act. The Agency (Board) has over-arching responsibility for NTMA functions including ISIF and is accountable to the Minister for Finance. The NTMA Chief Executive reports to the Agency; business-unit directors (including the ISIF director) support the Chief Executive. The ISIF director is supported by three Deputy Directors.

Portfolio split: Discretionary Portfolio carries the “double bottom line” mandate (commercial return + Irish economic activity/employment). Directed Portfolio continues to be held within ISIF under direction from the Minister for Finance — primarily cash and cash equivalents and public-policy investments in the Strategic Banking Corporation of Ireland (SBCI) and Home Building Finance Ireland (HBFI). Historically the Directed Portfolio also held AIB and Bank of Ireland public-policy stakes that have since been fully divested (AR 2025).

What the mandate is not: not a pure commercial PE shop without Irish additionality tests; not the Future Ireland Fund or ICNF; not Funding & Debt Management, NDFA, State Claims Agency, or NewERA (sibling NTMA units). Soft-string disambiguation matters for Instantiations merges.

Financial performance benchmark (Investment Strategy 2026 / AR): the average five-year rolling cost of Irish Government debt (Eurostat cost-of-debt definition). AR footnote cites about 2.5% at end-2025.

Scale & portfolio

Official EUR headlines (prefer these)

Discretionary Portfolio valuation split (end-2025)

AR ISIF chapter breakdown of the €9.7bn Discretionary Portfolio: €4.4bn value of investments called to meet the double bottom line mandate; €3.2bn legally committed (including Directed obligations) but yet to be called; €1.0bn approved by the Investment Committee and in process; €1.1bn available for new commitments. Remaining funds sit in the Funding Portfolio of liquid assets supporting Irish Portfolio calls and new commitments.

Asset-class composition (chapter overview)

Chapter overview graphics cite Discretionary composition on the order of Equity ~37–38%, Fixed income ~27%, Real assets ~19%, Absolute return funds ~10%, Cash and equivalents ~6% — treat as dated AR presentation, not a live dashboard.

2025 theme deployment highlights (AR)

• Housing and enabling investments: ~€915m committed in 2025 under the theme; equity-for-homebuilding programme allocation raised to €800m (Dec 2025); regional investment ambition doubled toward €1bn.
• Climate: €208m committed in 2025 under the next €1bn climate programme after the original €1bn target was met early; cumulative climate-related ~€1.2bn end-2025.
• Scaling indigenous businesses: ~€236m committed in 2025 (chapter).
• Food and agriculture: theme activity continues across equity, debt and funds (chapter / Meet the Team sector leads).

Governance & leadership

NTMA Agency (Board) — AR 2025

The Agency has over-arching responsibility for NTMA functions including ISIF. AR Agency Members pages list:

• Rachael Ingle — Agency Chairperson (from 22 Dec 2023; reappointed from 22 Dec 2024).
• Frank O’Connor — Chief Executive, Agency Member (ex officio); appointed NTMA CEO July 2022.
• Patricia Byron — Agency Member (from 16 Oct 2024).
• John S. Daly — Agency Member (from 16 Oct 2024).
• Myra Garrett — Agency Member (from 22 Dec 2023).
• John Hogan — Secretary General, Department of Finance (ex officio).
• Gerardine Jones — Agency Member (reappointed from 8 Mar 2022).
• John McCormick — Agency Member (from 22 Dec 2022); also on ISIF Investment Committee.
• David Moloney — Secretary General, Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation (ex officio).
• Brian O’Kelly — Agency Member (reappointed from 17 Jun 2024).
• Fiona Ross — Agency Member (from 22 Dec 2023); Chairperson of ISIF Investment Committee.

ISIF Investment Committee (statutory)

Provided for by the NTMA Act 1990 (as amended). Assists the Agency by deciding acquisitions/disposals within parameters, advising on strategy, and overseeing implementation. Irish Portfolio investments up to €150m delegated to the Committee; supportive proposals above that go to the Agency (two such in 2025). Met 14 times in 2025; approved 30 Irish Portfolio investments (~€1.8bn); €1.4bn committed across 22 Irish investments.

• Fiona Ross — Chairperson (Agency member).
• John McCormick — Agency member.
• Linda Hickey — external; company director; former Head of Corporate Broking, Goodbody.
• Denis O’Connor — external (from 17 Jul 2025); NED; former Interim CapVest CFO / PwC Partner.
• Eoghan Quigley — external (from 17 Jul 2025; stepped down 17 Apr 2026 per AR footnote); company director / former KPMG Tax Partner.
• 2025 departures noted: Leo Clancy and Mark Ryan (to 16 Jul 2025).

ISIF leadership group (Meet the Team / NTMA management — no invented CEO)

• Rebekah Brady — Interim Director, ISIF (Dec 2025); concurrently Director, Future Ireland Funds. Previously Head of Investment at ISIF; began at NTMA on the NPRF team. CFA; University of Galway / DCU.
• Cath Rogers — Deputy Director — Head of Investment (joined NTMA/ISIF 2025). Prior: Partner at Antler; INED roles; PE/VC/corporate finance. INST cio seat with this official title; CEO seat empty.
• Ciara Lehane — Deputy Director — Head of Operations (strategy development, communications, market engagement, change, systems, finance and risk coordination with NTMA functions).
• Mary Macnamara — Deputy Director — Head of Portfolio Management (asset allocation, monitoring, risk/performance, ESG oversight).
• Frank O’Connor — NTMA Chief Executive (Jul 2022); Agency ex officio — not mapped as ISIF CEO.

Senior Investment Directors named on Meet the Team (titles as published; not INST seats): Saoirse O'Connor (Head of Irish Portfolio Management); Brian O'Connor (Scaling Indigenous Businesses); Cathal Fitzgerald (Food and Agriculture); Kevin Ryan (Climate and Energy Transition); Sarah Hickey (Real Assets / Housing and Enabling); plus Investment Directors across Global Portfolio, risk, data, venture, life sciences, and Real Assets. Do not invent AUM or board seats for named staff beyond official pages.

Investment philosophy / strategy

Published ISIF Investment Strategy (2026) frames the Discretionary Portfolio’s Irish Portfolio and Funding Portfolio. ISIF seeks to operate as a trusted, patient and adaptable investor aligned with NTMA values and responsible-investment principles.

Four core impact themes plus National and Compelling: Climate and Energy Transition; Scaling Businesses; Food, Agriculture and Marine; Housing, Infrastructure and Sustainable Development. National and Compelling retains flexibility for emerging opportunities, macroeconomic developments and national priorities.

Economic impact dimensions (strategy): additionality (GVA and employment beyond baseline; sector metrics such as housing units and renewable MW); displacement; and deadweight. ESG tools: capital allocation, integration, stewardship, and exclusion as last resort; NTMA is a founding PRI signatory (2006 cited on RI page).

Funding Portfolio: highly liquid assets providing liquidity for Irish Portfolio investments, commitments, approved deals and pipeline — enabling participation as opportunities develop.

Climate / ESG / ethics

Climate theme mission (isif.ie Climate page): deliver commercial investment that positions Ireland for a net-zero carbon economy and accelerates the energy transition — aligning with Climate Action Plan targets (51% GHG reduction vs 2018 by 2030; net zero by 2050). Two components: sustainable infrastructure to 2030 (renewables, storage, resilience/security) and technologies/business models supporting net zero before 2050.

Programme scale (AR / mid-year): original €1bn climate commitment exceeded by end-2024; further €1bn programme announced (Apr 2025 context); €208m invested in 2025; cumulative climate-related investments ~€1.2bn end-2025.

Responsible Investment page: ESG managed via capital allocation, integration, stewardship and exclusion; consistency with Government policy including the Climate Action Plan and EU sustainable finance initiatives; reporting via annual reporting, PRI disclosures and Climate Report / updates. Published exclusion lists include Fossil Fuel Exclusion List (April 2026) and Cluster Munitions / Anti-Personnel Mines Exclusion List (2026).

Performance & reporting

Transparency stack: NTMA Annual Report & Financial Statements (ISIF chapter extract also posted via ntma.ie / assets.isif.ie); mid-year business updates; ISIF Investment Strategy PDF; Climate Update / Climate Report; Impact Report / economic impact assessments; Hermes EOS annual review / public engagement reports; voting disclosures; ISIF newsletter. Prefer dated EUR figures from AR / mid-year over undated marketing counters.

2025 activity intensity: 22 Discretionary commitments totalling over €1.4bn (average €62m). Momentum into 2026: €492m across 11 investments (Jan–May) across Climate, Housing and Enabling, Scaling Indigenous Businesses, and Food/Agriculture themes (mid-year update).

Housing delivery: commitments exceeding €2.5bn end-2025; approximately 27,000 new homes and 2,500 student beds delivered to end-2025 — exceeding the original 25,000 homes-by-2030 target cited in the mid-year update.

Controversies & debates

Official attributable frame first: ISIF publishes exclusion lists (fossil fuel; cluster munitions / anti-personnel mines) and ESG/climate updates rather than litigation narratives on the primary pages folded here. Directed Portfolio bank-share history (AIB / Bank of Ireland) is treated in AR as fully divested public-policy holdings — researchers should use AR language, not invent remaining equity stakes.

Secondary press may debate sovereign development-fund crowding-in, housing finance design, or climate additionality — label such coverage as secondary and verify against NTMA/ISIF PDFs before elevating. This profile does not invent dispute narratives beyond opened primaries.

Timeline

• Pre-2014: National Pensions Reserve Fund (NPRF) predecessor assets.
• December 2014: ISIF established; assets transfer from NPRF; NTMA control under 2014 Act.
• 2006 (PRI): NTMA cited as founding PRI signatory on ISIF Responsible Investment page (heritage continuity).
• June 2022: Impact Strategy launched with four key investment themes.
• 2021–2024: €1bn climate ambition set then met early (by end-2024).
• July 2022: Frank O’Connor appointed NTMA Chief Executive.
• 2025: €1.4bn / 22 Discretionary commitments; DP return 8.1%; climate programme extended; housing equity programme raised toward €800m; Cath Rogers joins as Deputy Director — Head of Investment; Rebekah Brady becomes Interim Director (Dec).
• End-2025: Fund €16.1bn (DP €9.7bn / Directed €6.4bn); inception gains €3.6bn; 272 investments / €9.7bn commitments / €13.7bn co-investment.
• January–May 2026: €492m / 11 further commitments (mid-year update 8 Jul 2026).
• 29 Jun 2026: ISIF newsflow includes housing investments totalling €250m (isif.ie home).

Depth annex — NTMA AR 2025 ISIF chapter

Folded paragraphs from the official Ireland Strategic Investment Fund chapter of the NTMA Annual Report & Financial Statements 2025 (opened PDF text).

Ireland Strategic Investment Fund Ireland Strategic Investment Fund The NTMA controls and manages the Ireland Strategic Investment Fund (ISIF) which has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in the State.

The Ireland Strategic Investment Fund (ISIF), controlled globally that invest to support both economic activity and and managed by the National Treasury Management employment, in addition to delivering commercial returns. ISIF is comprised of the Discretionary Portfolio (€9.7bn) and the Directed Portfolio The Directed Portfolio primarily consists of cash and (€6.4bn).

cash equivalents and public policy investments in the Strategic Banking Corporation of Ireland (SBCI) and Home The Discretionary Portfolio has a "double bottom line" Building Finance Ireland (HBFI) and continues to be held mandate to invest on a commercial basis in a manner within ISIF under direction from the Minister for Finance.

designed to support economic activity and employment Historically, the Directed Portfolio consisted of public in Ireland. Since the transfer of assets to ISIF from the policy investments in AIB and Bank of Ireland which have National Pensions Reserve Fund (NPRF) in December 2014, since been fully divested.

ISIF has pursued the execution of an investment strategy designed to meet this mandate. ISIF's "double bottom line" mandate makes it one of a number of sovereign funds 24 Discretionary Portfolio ISIF Impact Strategy The Discretionary Portfolio value has grown since inception ISIF's Impact Strategy was launched in June 2022, to a market value of €9.7bn at end-December 2025.

This with a focus on four key investment themes: has been driven by a combination of investment gains climate, housing and enabling investments, scaling (currently €3.6bn), cash injections and cash withdrawals indigenous businesses, and food and agriculture. A to other Government initiatives, including to the National particular focus includes initiatives with an ambition Surplus (Exceptional Contingencies) Reserve Fund and to deploy capital in a targeted and commercial historically the Land Development Agency (LDA).

manner addressing Ireland's key strategic challenges and in priority areas such as regional development, The breakdown of the €9.7bn valuation is as follows; climate change, equity for homebuilding and female €4.4bn is the value of the investments that have been entrepreneurship.

called at year-end to meet ISIF's "double bottom line" mandate; €3.2bn is legally committed in support of ISIF's The Minister for Finance announced a €400m mandate and other Directed obligations) but is yet to be allocation for equity-based investments in new called; and €1.0bn has been approved by ISIF's Investment housing projects in July 2023, building on ISIF's Committee and is progressing through the closing existing housing-related commitments.

The remaining €1.1bn is available to make new 2025, ISIF had committed €279m to equity-based commitments, with a robust pipeline under discussion as investments, with a further €124m committed in H1 at year-end. 2026, bringing ISIF's total commitments under this programme to €403m.

In December 2025, this equity The capital that has been called to meet ISIF's "double for homebuilding investment programme allocation bottom line" mandate is referred to as the Irish Portfolio. was increased by a further €400m, bringing the total The remaining funds are held within ISIF's Funding programme allocation to €800m.

Portfolio, a portfolio of liquid assets that can be transferred on short notice to meet capital calls. ISIF's Since its launch in June 2022, the regional city- Funding Portfolio operates alongside the Irish Portfolio, specific investment programme has made notable and is the primary source of capital to provide funding progress, exceeding its €500m target in under three for existing and upcoming commitments to the Irish years.

In 2025, a further €500m allocation was Portfolio, and to enable ISIF to continue making new announced, aimed at driving growth and regeneration investment commitments aligned to its mandate. ISIF's in Cork, Galway, Limerick, Waterford, and Kilkenny. Funding Portfolio also provides flexibility to ISIF, should an Over €140m was deployed in 2025 under this new emerging opportunity or shock to the Irish corporate sector initiative.

arise which requires a rapid and impactful response. ISIF announced its ambition to invest €1bn in climate- ISIF earned an investment return of 8.1% on the related investments over a five-year period in 2021. Discretionary Portfolio in the year 2025, driven primarily This target was met two years ahead of schedule, by strong returns across global equities and alternatives.

by year-end 2024, and a further €1bn allocation From inception to end-2025, ISIF has generated an was announced in April 2025. ISIF invested a further annualised investment return of 3.8% per annum. ISIF €208m in support of this commitment by year-end seeks to generate a return over the long term in excess of 2025, bringing the overall total of climate-related the five-year rolling cost of Irish General Government Debt7 investments made in support of the decarbonisation over the long term (as defined in the National Treasury strategy to €1.2bn.

Management Agency (Amendment) Act 2014 (as amended)). 25 Ireland Strategic Investment Fund Asset Allocation Ireland Commitments ISIF Overview at End-2025 Since ISIF's inception in December 2014, a total of €23.4bn has been committed to Ireland. This comprises €9.7bn committed by ISIF, which has catalysed a further €13.7bn of co-investment from private sector partners.

Equity 37% As a long-term, patient capital investor, ISIF engages extensively with potential investees across a broad range of sectors. Maintaining available Fixed income 27% funding is an important element of this approach, enabling ISIF to retain the €9.7bn flexibility to participate in investment opportunities as they develop.

Real Asset 19% ISIF Portfolio Composition During 2025, ISIF committed €1.4bn across 22 separate investments (average Absolute investment size of10% Return Funds €62m), reflecting a particularly active year for investment activity, with further details set out on page 27.

ISIF's portfolio is diversified by asset class and its investment activity is spread across Cash and its four investment6% keyEquivalent themes of climate, housing and enabling investments, scaling indigenous businesses, and food and agriculture. This includes investments across all regions of Ireland.

Equity 38% Absolute Return Funds 10% Fixed income 27% Cash and Equivalent 6% Real Asset 19% Figures reflect the economic exposure of each asset class and may not total due to rounding. 26 Irish Investments During 2025 Investment Description of Investment Commitment8 €m Activate Investments Six DAC Extension of ISIF's commitment to Activate Capital's residential 500 development lending platform.

Avenue Homebuilder Capital Solutions Commitment to a new fund providing equity risk capital to medium 150 Fund, SCSp and large Irish homebuilders. BioDiscovery 7 Commitment to a European life sciences fund managed by Andera, 30 one of Europe's preeminent venture teams.

Claret European Growth Capital Fund IV, Commitment to a pan-European provider of venture debt solutions 30 SCSp for rapidly scaling companies. Joint Receivers of Clonbio Green Gas Funding advanced in connection with a receivership process. 1 Limited (in receivership) and others Cordiant Digital Infrastructure Equity Commitment to a specialist digital infrastructure fund.

75 Equal 1 Laboratories Ireland Limited Commitment to a deep tech company developing scalable, silicon- 12 based quantum computers. Commitment to a fund investing predominantly in Irish SMEs, 30 providing operational support and capital to accelerate growth domestically and abroad.

Source fold: NTMA AR 2025 ISIF chapter PDF (assets.isif.ie / ntma.ie annualreport-2025). Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

Depth annex — Investment Strategy 2026

Folded paragraphs from the published ISIF Investment Strategy (2026) covering mandate, economic-impact tests, Funding Portfolio, themes and ESG framework.

Background and Context ...................................................................................................... 2 ISIF's Mandate .....................................................................................................................................

2 Economic Impact ................................................................................................................................. 2 Financial Performance ........................................................................................................................

3 ESG Matters......................................................................................................................................... Irish Portfolio Investment Strategy........................................................................................

4 Climate and Energy Transition ............................................................................................................ 4 Scaling Businesses ...............................................................................................................................

5 Food, Agriculture and Marine ............................................................................................................. 5 Housing, Infrastructure and Sustainable Development ......................................................................

6 National and Compelling..................................................................................................................... ISIF Funding Portfolio Investment Strategy ............................................................................

ESG Approach ...................................................................................................................... Appendix A: ESG Risk Decision Making Framework ............................................................. Appendix B: Exclusion Framework .....................................................................................

Background and Context The Ireland Strategic Investment Fund (ISIF or the Fund) was established in December 2014, under the National Treasury Management Agency (Amendment) Act 2014 (as amended) (2014 Act). The National Treasury Management Agency (NTMA) controls and manages ISIF, which comprises the Discretionary Portfolio and the Directed Portfolio.

The Discretionary Portfolio, which is the focus of this investment strategy, includes both the Irish Portfolio and the ISIF Funding Portfolio. The Irish Portfolio operates under a "double bottom line" mandate - to invest on a commercial basis in a manner designed to support economic activity and employment in the State, and targets investments designed to have direct economic benefits in Ireland.

The ISIF Funding Portfolio, which is primarily composed of highly liquid investments, provides liquidity to fund the Irish Portfolio investments, commitments, approved investments and pipeline. The Directed Portfolio, historically consisting primarily of public policy investments in AIB and Bank of Ireland and currently comprising mainly cash, cash equivalents, and public policy investments in the Strategic Banking Corporation of Ireland (SBCI) and Home Building Finance Ireland (HBFI), is held under the direction of the Minister for Finance and falls outside the scope of this strategy.

ISIF's Mandate ISIF's double bottom line mandate requires it to invest in opportunities with both commercial returns, and which seek to support Irish economic activity and employment within the State. Accordingly, all investment decisions are made with a focus on generating financial returns while also contributing to the broader economic health of Ireland.

To achieve its goals, ISIF seeks to operate as a trusted, patient, and adaptable investor. By adhering to the core values of the NTMA, along with principles of responsible investment, ISIF aims to deliver on its mandate effectively, ensuring that its activities contribute positively to Ireland's economic landscape.

Economic Impact ISIF evaluates and seeks to maximise the economic impact of its investments, considering this alongside the relevant investment's potential commercial return. The analysis focuses on the dimensions of additionality, displacement and deadweight. Additionality refers to the additional economic benefits in Ireland that would not have occurred otherwise.

This focuses on two measures of additionality: Gross Value Added (GVA) and employment which are likely to arise as a result of the investment under consideration, over and above what would have taken place anyway. ISIF also considers sector specific additionality metrics such as housing units delivered, and renewable megawatts (MW) added to the grid.

Displacement refers to instances whereby the additionality created from an investment is reduced at the overall economy level due to a reduction in such benefits elsewhere in the economy. Deadweight refers to instances whereby the economic benefits created from an investment would have been achieved in any event in the absence of intervention.

Financial Performance ISIF measures its financial performance against a legislatively defined benchmark, which is set as the average 5-year rolling cost of Irish Government debt. 1 ESG Matters ISIF's approach to ESG as set out in section 4 of this investment strategy guides how it will meet legal requirements and stakeholder expectations and align with global best practice in this area such as the UN-supported Principles for Responsible Investment (PRI) of which the NTMA is a founding signatory.

This investment strategy sets out the NTMA's approach to the effective management of risks posed by relevant ESG matters. It details the tools used by the NTMA to manage such ESG-related risks including capital allocation, integration, stewardship and, as a last resort, exclusion.

It also sets out the basis on which the Agency identifies categories of investment in which the Fund's assets will not be invested in light of relevant ESG matters and gives details of the excluded categories of investment which have been identified. 1 Using Eurostat's definition of cost of debt, which is based on the ratio of total annual interest cost to average sovereign debt outstanding.

Source fold: ISIF-InvestmentStrategy_Published2026-1.pdf on assets.isif.ie. Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

Depth annex — Climate Update / theme page

Folded material from ISIF Climate Update 2024 PDF and the Climate and Energy Transition theme page (opened).

IRELAND STRATEGIC INVESTMENT FUND CLIMATE UPDATE 20 23 IRELAND STRATEGIC INVESTMENT FUND CLIMATE UPDATE 2023 CONTENTS 3 Executive Summary 4 7 ISIF's Climate Goal 10 ISIF's Climate Governance 13 ISIF's Climate Strategy 21 Risk Management 25 Irish Portfolio GHG Emissions Modelling 31 Global Portfolio Climate Analytics 38 Appendix 2 IRELAND STRATEGIC INVESTMENT FUND CLIMATE UPDATE 2023 EXECUTIVE SUMMARY The urgency of action against climate change has come into even sharper focus throughout 2023.

With global emissions continuing to rise, climate change indicators from the World Meteorological Organization (WMO) have shown 2023 to be the warmest year on record, with records broken for ocean heat, sea level rise, Antarctic sea ice loss and glacier retreat1.

Overall, the WMO reported that global average near-surface temperatures were 1.45° Celsius (with a margin of uncertainty of ±0.12 °C) above the pre-industrial baseline; underlining the grave risks of consistently breaching the 1.5°C lower limit of the Paris Agreement going forward.

More and more, we are seeing the social and economic effects of our changing climate with more widespread floods, wildfires, drought, and heatwaves over the course of the last year. In an Irish context, Met Éireann noted that 2023 was the warmest year on record2.

In terms of emissions, EPA data showed a fall in the state's overall emissions driven by reductions in emissions from the energy and agriculture sectors3. In 2023, Ireland's GHG emissions were estimated to be 55.01 million tonnes carbon dioxide equivalent (Mt CO2eq), which is 6.8% lower than in 2022.

However, the EPA also noted that the overall cut to emissions fell short of that required to meet the targets under the Climate Action Plan (to halve emissions by 2030 and reach net-zero no later than 2050). An acceleration in mitigation efforts is required and ISIF is committed to playing its part.

In 2021, ISIF announced its ambition to invest €1 billion in climate-related investments over a five-year period. As at end-2023, ISIF has invested €361m further to this commitment, bringing the overall total of climate- related investments in support of the decarbonisation strategy to over €650m.

However, as a responsible investor, we are also actively engaging with investees across our Irish and Global Portfolios to influence the pace of change. We continue to see increasing momentum as companies take action on this critical issue, and we have outlined some specific case studies throughout the report.

This report also illustrates the progress being made by reducing the emissions intensity of our investment portfolios. We have estimated both absolute emissions data and also intensity data, as captured by the WACI4 metric (weighted average carbon intensity), across our Irish and Global Portfolios.

In terms of our Irish Portfolio, the WACI fell from 325 tCO2e to 258 tCO2e per €1m of revenue in 2023 - as the portfolio pivoted to lower emission sectors (with a similar decline in absolute emissions from 2.2 million tCO2e to 1.07 million tCO2e). In terms of the Global Portfolio, while our absolute emissions rose due to growth in invested capital across the portfolio, the WACI intensity metric saw a reduction year-on-year: from 80.01 tCO2e to 65.32 tCO2e per €1m of revenue for our Global Equity Portfolio and from 113.19 tCO2e to 92.06 tCO2e per €1m of revenue for our Global Bond Portfolio.

4 WACI is a standard measurement to understand emissions after adjusting for the size of a company. This metric portrays the amount of carbon produced relative to the varying sizes of companies held within the fund. 3 IRELAND STRATEGIC INVESTMENT FUND CLIMATE UPDATE 2023 INTRODUCTION The Ireland Strategic Investment Fund ("ISIF" or the "Fund") invests on a commercial basis in a manner designed to support economic activity and employment in Ireland.

Responsible investment has been core to its approach from the outset, with a key focus on climate in terms of investment opportunities and managing and mitigating climate risk in both its Irish and Global Portfolios. This report gives a broad overview of the actions and analysis that ISIF has taken to address climate change.

4 IRELAND STRATEGIC INVESTMENT FUND CLIMATE UPDATE 2023 INTRODUCTION AND OVERVIEW Investing with impact is key to ISIF's mandate. ISIF prioritises using its capital and resources to address strategic ISIF BELIEVES THAT challenges and focuses on making transformational investments across its impact themes, including climate.

ISIF RESPONSIBLY MANAGED commenced a €1 billion five-year climate action investment programme in 2021. This will be where ISIF will have its most COMPANIES, THOSE significant impact. ISIF climate strategy encompasses all areas of the economy where carbon emissions are present THAT ACTIVELY MANAGE such as energy, transport, the built environment, waste, and enterprise, and incorporates other thematic investment areas that will be key to transitioning to a Net Zero economy.

ESG ISSUES, ARE BEST ISIF is a responsible investor, and integrating Environmental, PLACED TO ACHIEVE Social and Governance (ESG) factors are core to its investment approach. This report focuses on Climate – a A SUSTAINABLE priority issue for the Fund. ISIF has been measuring and monitoring various climate related metrics across its Global COMPETITIVE ADVANTAGE and Irish Portfolios for several years.

Both climate data availability and methodologies differ across ISIF's portfolios, AND PROVIDE STRONG, and ISIF's approach has changed and evolved alongside evolving measurement frameworks. ISIF expects this to LONG TERM INVESTMENT continue. Global and Irish portfolio metrics are not directly OPPORTUNITIES.

Source fold: ISIF Climate Update 2024 PDF + https://www.isif.ie/climate. Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

Depth annex — Impact Report

Folded paragraphs from the ISIF Impact Report PDF (economic impact / double bottom line measurement).

IRELAND STRATEGIC INVESTMENT FUND 10 YEARS OF IMPACT IMPACT REPORT 2014-2024 Table of Contents 1. Director's Review & Executive Summary 5 2. to ISIF 8 2.1 ISIF's Evolution 9 2.2 ISIF Impact Strategy 10 2.3 Economic Impact Framework 11 2.4 Portfolio & Returns 12 3.

Impact by Theme 17 4.1 Scaling Indigenous Business 18 4.2 Housing & Enabling Investments 19 4.3 Climate 20 4.4 Food & Agriculture 21 5. Economic Impact Data 22 5.1 Additionality 2014-2023 23 5.2 Employment Effects 24 6. Case Studies 27 6.1 Housing Case Study: Activate Capital 28 6.2 Indigenous Business Case Study: AMCS 29 6.3 Food & Agriculture Case Study: Milkflex 30 6.4 Climate Case Study: Greencoat 31 6.5 PSRF Case Study: Staycity 32 7.

Appendix 33 7.1 Assumptions, methodology, and disclaimer 34 2 IMPACT REPORT 2014-2024 Foreword by Minister Donohoe The Ireland Strategic Investment Fund (ISIF) was established I also want to take this opportunity to highlight the value ISIF in 2014 to channel its resources towards productive delivers with its flexible approach as well as the importance investment in the Irish economy, leverage its resources with of the fifth pillar under its impact strategy – investments private sector co-investment and target investment in areas under the "compelling and national interest theme".

ISIF has of strategic significance to the future of the Irish economy. demonstrated over the last 10 years how it has evolved to As Minister for Finance, it's a great privilege to be associated meet emerging economic challenges; whether during Brexit with the publication of this report to mark ISIF's 10 years or through the Pandemic Stabilisation and Recovery Fund of impact, reviewing its evolution, investment strategy and (PSRF).

economic impact, as well as providing an overview of each of its investment themes and of a number of case studies In conclusion, I would like to thank all those who have under those themes. contributed to the development of ISIF over the last decade including the National Treasury Management Agency This report also demonstrates how ISIF has delivered upon (NTMA) Executive Management and Agency Board, founding its unique dual mandate covering both economic impact Director Eugene O'Callaghan, current Director Nick Ashmore, and commercial returns over the last 10 years.

ISIF's current the ISIF Investment Committee and ISIF team members, past Impact Strategy is clearly aligned to the Programme for and present. Government in supporting the Government's priorities across renewable energy, housing, a sustainable agri-food Ireland has been one of the fastest growing economies sector, and supporting enterprise more broadly across the in Europe over the past decade.

Moreover, ISIF's proven ability to deploy targeted our economic success for granted and remain focused on capital across the Irish economy in a strategic way, while meeting the economic challenges faced by the country. also leveraging domestic and international co-investment, In this context, I see ISIF continuing to play a key role in will continue to be important to supporting the challenges addressing those challenges in the years ahead.

faced by the economy; particularly around climate change and housing. Paschal Donohoe TD, Minister for Finance 3 IMPACT REPORT 2014-2024 Foreword by NTMA Chief Executive The impact that the Ireland Strategic Investment Fund (ISIF) partners – a multiple of 1.4x the amount invested by has demonstrated in its first 10 years reflects the unique ISIF.

Furthermore, it shows the benefit of flexibility and mandate it was given at inception. When legislation was put adaptability in responding to economic challenges through in 2014 to switch the old National Pensions Reserve and identifying market opportunities. ISIF fosters and Fund (NPRF) mandate to focus on investing in Ireland and to enhances a global network of co-investors and investees give the new Ireland Strategic Investment Fund that unique to maximise the ways in which domestic and international mandate, it was based on meeting what we call its 'double capital can be deployed in Ireland for the benefit of the bottom line' – to invest for a commercial return and to invest State.

Today, ISIF's network includes so many of Ireland's most Since then, ISIF has thrived and developed into an innovative exciting businesses, entrepreneurs, innovators and vehicle which is a great example of the ingenuity and thought leaders, as well as so many authoritative investors forward thinking of our policymakers.

It pursues tailored not just from Ireland but throughout the world. strategies to address key impact themes that are of particular importance to the Irish economy and to Irish I wish to thank all those for partnering with ISIF, the society. NTMA and Ireland since its establishment.

I also want to thank our dedicated ISIF team, both past and present, For the wider National Treasury Management Agency (NTMA), for their commitment and contribution to delivering on of which ISIF is such an important part, ISIF's impact shows ISIF's mandate. the benefit of our ability to operate at the nexus of the State and global financial markets.

ISIF has acted as a catalyst for Frank O'Connor, €12.6 billion of commitments by third party co-investment NTMA Chief Executive 4 IMPACT REPORT 2014-2024 Director's Review & Executive Summary 5 IMPACT REPORT 2014-2024 Director's Review & Executive Summary Pandemic Stabilisation and Recovery Fund (PSRF).

At the time, knowing ISIF was available as a support mechanism was critically important for businesses – both for those who availed of the PSRF funds and for those who had committed facilities but did not need to draw down from the Fund. ISIF made a number of key supportive investments across a range of businesses, in particular in the aviation and hospitality sectors during that time.

Throughout the last decade, ISIF's investment strategy continued to evolve in line with the country's priorities. ISIF invests in areas that are critical to supporting Ireland's economic success and where ISIF's flexible, long term and patient approach to investing can be highly additional.

This includes commercial investment in the Food and Agriculture sector - not least in support of Brexit impacted business – and also in Enabling Infrastructure and regional Urban Regeneration. ISIF has also completed a number of direct investments in high growth Indigenous businesses and also in support of the growth of specialist, high value sectors such as Life Sciences.

Source fold: ISIF-Impact-Report.pdf on assets.isif.ie. Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

Depth annex — Hermes / stewardship review

Folded paragraphs from the public Annual Review ISIF 2025 Hermes engagement materials (stewardship / public engagement).

2025 Annual Review Ireland Strategic Investment Fund Engagement Highlights www.hermes-investment.com For professional investors only 2 Ireland Strategic Investment Fund The Ireland Strategic Investment Fund (ISIF) believes that responsibly- managed companies, those that actively manage environmental, social and governance (ESG) matters, are best placed to achieve a sustainable competitive advantage and provide strong, long term investment opportunities.

ISIF endeavours to be a responsible investor, actively integrating ESG factors into its decision-making processes with a view to enhancing the overall outcomes for the Fund and ultimately its beneficial owner. After setting out an ambition in 2021 of investing €1 billion in climate over a 5-year period, ISIF exceeded this ambition two years ahead of schedule.

In April 2025, ISIF announced the doubling of this ambition with an additional €1 billion to climate opportunities over the next four years. As a responsible investor, ISIF is actively engaging with investees across its Irish and Global portfolios. In relation to the Irish Portfolio, ISIF continues to see increasing momentum on climate change as companies take action on this critical issue.

ISIF's latest Climate Update Report, published in October 2025, outlines specific case studies on how its Irish Portfolio investees are tackling this issue. The report also illustrates the progress being made by reducing the emissions intensity of ISIF's Global Portfolio investments.

Rebekah Brady Interim Director, Ireland Strategic Investment Fund Ireland Strategic Investment Fund 3 Ireland Strategic Investment Fund's activity for 20254 The EOS approach to engagement 7 Foreword8 Our engagement plan 9 A guide to engagement terminology 12 Environmental From climate ambition to implementation 13 Q&A: Fast Fashion  17 Case study: Centrica  20 Social Why protecting worker rights matters 21 Case study: BYD 23 Case study: ANTA Sports Products 23 Q&A: Engaging with the Defence Sector 24 Case study: Apple  26 Governance Paths diverge in 2025 voting season 27 Voting case study: Shareholder proposals at utility companies 29 Voting case study: Shareholding requirements at US banks 31 Voting escalations in 2025 32 Q&A: Climate-Aligned Accounting 33 Case study: Cemex 35 Case study: Siemens Energy 35 Regional public policy highlights 36 EOS team 38 4 Ireland Strategic Investment Fund Ireland Strategic Investment Fund's activity for 2025 Engagement overview In 2025, EOS engaged with 315 companies on 1,582 environmental, social, ■ Developed Asia 5.4% governance, strategy, risk Companies ■ Emerging & Developing Markets 4.1% and communication issues engaged by ■ Europe 25.4% ■ North America 54.9% and objectives.

Its holistic region ■ United Kingdom 8.3% approach to engagement means ■ Australia & New Zealand 1.9% that it typically engages with companies on more than one topic simultaneously. 10.2% ■ Environmental 32.6% ■ Circular Economy & Zero Pollution 11.8% ■ Climate Change 68.8% ■ Natural Resource Stewardship 19.4% SRC 32.6% ■ Social 30.7% E ■ Human & Labour Rights 50.6% ■ Human Capital 39.9% 26.5% G Engagement ■ Wider Societal Impacts 9.5% by theme ■ Governance 26.5% ■ Board Effectiveness 42.7% ■ Executive Remuneration 44.2% ■ Investor Protection & Rights 13.1% S ■ Strategy, Risk & Communication 10.2% ■ Corporate Reporting 36.6% ■ Purpose, Strategy & Policies 34.2% ■ Risk Management 29.2% 30.7% Ireland Strategic Investment Fund 5 43 companies featured Completed ■ Completed 41 engagements with the ■ Completed – Substantially 15 CEO or chair objectives* ■ Completed – Partially 19 209 companies featured engagements with senior management or board members 236 ■ Discontinued – with some improvement 2 ■ Discontinued – disagreed 2 Discontinued ■ Discontinued – unresponsive 3 objectives* ■ Discontinued – no longer relevant/material 6 ■ Discontinued – restarted as new objective/issue 8 public policy interactions, including consultation responses, letters, meetings and discussions Engagement progress in 2025 EOS made solid progress in delivering engagement objectives across regions and themes.

At least one milestone was moved forward for about 42% of its objectives during the year. The following chart describes how much progress has been made in achieving the milestones set for each engagement. Environmental 177 133 Engagement ongoing Social 160 92 Milestone change (engagement moved forward at least Governance 45 49 one milestone) Strategy, risk & communication 19 18 * The closure rationale is manually selected by each engager from a menu of options, taking a view of the extent to which they believe the objective has been implemented by the company.

In most cases this is necessarily a subjective assessment. In 2025, there were an additional 24 administrative closures associated with companies removed from the Engagement Programme. 6 Ireland Strategic Investment Fund Voting overview In 2025, EOS implemented your vote policy on 13,260 resolutions at 1,010 meetings.

Votes were instructed opposing one or more resolutions Meetings ■ For 28.0% ■ Against 68.1% at 688 meetings, supporting instructed ■ For by Exception 3.9% management by exception at 39 meetings, abstaining at no meetings and supporting management on all resolutions at the remaining 283 meetings.

1,010 ■ Board structure 52.0% Resolutions ■ Remuneration 26.7% instructed ■ Shareholder resolution 12.1% ■ Capital structure and dividends 3.1% against ■ Amend articles 1.3% ■ Audit and accounts 2.1% management Meetings instructed ■ Poison pill/Anti-takeover device 0.1% ■ Other 2.6% Please note: Double counting can occur if ballots for the same meeting have been voted in different directions.

Supporting the UN Sustainable Development Goals The chart below illustrates the proportion of 1,008 engagement objectives and issues on which we have engaged in 2025, which we believe are directly linked to an SDG (noting that one objective or issue may directly link to more than one SDG).

No poverty Zero hunger Good health Quality Gender Clean water Affordable and Decent work Industry, and well-being education equality and sanitation clean energy and economic innovation and growth infrastructure 3% 4% 7% 4% 6% 6% 23% 23% 13% Reduce Sustainable Responsible Climate action Life below Life on land Peace, justice Partnerships inequalities cities and consumption water and strong for the goals communities and institutions production 11% 3% 29% 32% 4% 7% 16% 1% Annual Review 2025 7 The EOS approach to engagement EOS at Federated Hermes Limited is a leading stewardship service provider.

Our engagement activities enable long-term institutional investors to be more active owners of their equity and fixed income assets, with the objective of maximising shareholder value over the long term, in our clients' portfolios. Our company and policy engagement objectives complement each other by seeking to enhance the Voting performance of individual holdings, whilst addressing We offer an intelligent voting service, covering listed equity systemic opportunities and risks to the economy that are holdings in all markets and indices.

Each EOS client adopts likely to affect long-term returns for broadly diversified a voting policy that represents their own beliefs and asset owners. Each EOS client acts Our Engagement Plan is client-led. We undertake a formal independently when exercising their voting rights.

Source fold: Annual-Review_ISIF_2025_public.pdf on assets.isif.ie. Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

Depth annex — Meet the Team / NTMA management

Folded roster language from isif.ie Meet the Team and ntma.ie Executive Management Team (opened HTML text).

Meet the Team | ISIF About Us About Us Meet the Team How We Invest How We Invest Responsible Investment Case Studies Investments Irish Investment Portfolio Newsroom & Publications News & Media Publications ISIF Newsletter Contact Us ISIF Investments About ISIF Meet the Team Home Meet the Team Meet the Team At ISIF we have a wide range of people to match the diversity of our functions.

We enable our people to reach their potential by adopting a culture of self leadership, collaboration and learning. Careers Contact Us ISIF Team Rebekah Brady Director Rebekah Brady was appointed Interim Director of ISIF in December 2025. She also serves as Director of the Future Ireland Funds.

Rebekah previously held the role of Head of Investment at ISIF and began her career at the NTMA as part of the National Pensions Reserve Fund team. Ciara Lehane Deputy Director - Head of Operations Ciara is Deputy Director – Head of Operations. She leads the ISIF team tasked with the operational management of the fund, and is responsible for coordinating strategy development, communications and market engagement, change management, systems, finance and risk in conjunction with the relevant NTMA functions.

Cath Rogers Deputy Director - Head of Investment Cath Rogers joined the NTMA as Deputy Director and Head of Investment of ISIF in 2025. Prior to this Cath was a Partner at global venture capital fund Antler and an Independent Non-Executive Director on several publicly listed, private and not for profit boards.

Cath has also held roles in private equity, venture capital and corporate finance. Mary Macnamara Deputy Director - Head of Portfolio Management Mary is Head of Portfolio Management and Deputy Director. Mary leads the Portfolio Management team in the management of asset allocation, investment monitoring, risk and performance measurement as well as ESG oversight.

Saoirse O'Connor Senior Investment Director - Head of Irish Portfolio Management Saoirse is responsible for the overall monitoring and management of ISIF's Irish Investment Portfolio from financial close to exit. Saoirse leads a team of investment professionals who are responsible for monitoring the financial and economic performance of Irish investments.

Donal Murphy Senior Investment Specialist Donal is a Senior Investment Specialist, focused on projects in and around Ireland's Ports and Harbours which enable and support the emerging Offshore Renewable Energy sector. Investments in this area include core port infrastructure as well as related investments which can ensure Ireland captures maximum value from the offshore renewables sector.

Brian O'Connor Senior Investment Director Brian is a Senior Investment Director and leads the team making ISIF's investments to support Scaling Indigenous Businesses. This includes investments in a range of growth equity, private equity and alternative debt funds, as well as ISIF's direct equity and debt investments into scaling Irish businesses.

Cathal Fitzgerald Senior Investment Director Cathal is a Senior Investment Director and leads a team with responsibility for investments in the Food and Agriculture sector. The ISIF Food and Agriculture portfolio covers a broad range of sectors and seeks to support Irish companies to scale and grow internationally using a range of tailored financial solutions.

Kevin Ryan Senior Investment Director Kevin is a Senior Investment Director and leads the ISIF team with responsibility for investments in the Climate and Energy Transition sector. This includes investments across the Climate and Energy Transition landscape, from renewables and other sustainable infrastructure assets to earlier stage climate technology commitments.

Sarah Hickey Senior Investment Director Sarah is a Senior Investment Director and leads the ISIF Real Assets team responsible for the implementation of ISIF's Housing and Enabling Investment strategy. This includes investments and initiatives across commercial and residential real estate, large scale urban regeneration projects and infrastructure.

Brendan Byron Investment Director Brendan is an Investment Director for the ISIF Real Assets team responsible for the origination, execution, and monitoring of direct and indirect investments under ISIF's Housing and Enabling Investment strategy. This includes investments and initiatives across commercial and residential real estate, large scale urban regeneration projects and infrastructure.

Evelyn Leen Investment Director Evelyn is the Investment Director leading the Global Portfolio team with responsibility for managing ISIF's Global Portfolio and the National Reserve Fund. Fiona Leheny Investment Director Fiona is the Investment Director leading the Data Analytics and Management Information team.

Fiona is responsible for ISIF's data related activities including data analytics, data quality and governance across investment, portfolio management and other operational processes. Frank Dorgan Investment Director Frank is a member of the Food & Agriculture team in ISIF.

His primary focus is the sourcing and evaluation of a wide range of investment opportunities in food and agriculture. Georgina Murphy Investment Director Georgina leads life science investment for the ISIF, covering limited partnership commitments to a portfolio of life science venture funds and direct equity investment, where ISIF seeks to provide patient capital to scaling Irish businesses.

James Brennan Investment Director James is an Investment Director on ISIF's Venture and Innovation Team. James has primary responsibility for the fund's venture capital portfolio. Jer Lyne Investment Director Jeremiah Lyne is an Investment Director leading the Risk Management team in ISIF.

Jer has overall responsibility for risk management, portfolio monitoring and performance analysis. John Harrington Investment Director John is a member of the Climate investment team in ISIF. John's responsibilities include the origination, execution and monitoring of ISIF's investments across the Climate landscape, from renewables and other sustainable infrastructure assets to earlier stage climate technology commitments.

Liam McGrath Investment Director Liam is an Investment Director in ISIF's Indigenous Business team. Liam's primary focus is on investments that support the growth of Irish businesses, including commitments to Irish and international funds and direct investments in businesses across a range of sectors.

Source fold: https://www.isif.ie/about/meet-the-team + https://www.ntma.ie/about-the-ntma/management-team. Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

Depth annex — site primaries & mid-year

Folded About / How we invest / Responsible Investment / newsletter / NTMA AR landing / ISIF business-area copy and mid-year narrative.

About | ISIF About Us About Us Meet the Team How We Invest How We Invest Responsible Investment Case Studies Investments Irish Investment Portfolio Newsroom & Publications News & Media Publications ISIF Newsletter Contact Us ISIF Investments About ISIF Meet the Team About ISIF The Ireland Strategic Investment Fund (ISIF) is a Sovereign Investment Fund with a mandate to invest on a commercial basis to support economic activity and employment in Ireland.

Ireland Strategic Investment Fund The Ireland Strategic Investment Fund, managed and controlled by the National Treasury Management Agency (NTMA), is a sovereign development fund with a unique mandate. Our mandate is to invest on a commercial basis to support economic activity and employment in Ireland.

Its predecessor was the National Pensions Reserve Fund (NPRF). The Fund is a strategic investor with strong connections in both the public and private sectors. The Fund is uniquely positioned to make connections and drive innovation across multiple industry players developing and delivering innovative opportunities that might otherwise go unrealised.

The ISIF is comprised of the Discretionary Portfolio and the Directed Portfolio. The Directed Portfolio continues to be held within ISIF under direction from the Minister for Finance. The Discretionary Portfolio has a "double bottom line" mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.

Through its revised Investment Strategy, ISIF prioritises the deployment of capital and resources towards strategic opportunities that support sustainable economic growth and national competitiveness. ISIF focuses on making transformational investments across four core investment themes: Climate and Energy Transition; Scaling Businesses; Food, Agriculture and Marine; and Housing, Infrastructure and Sustainable Development.

These themes reflect areas where long-term commercial investment can help address significant economic and societal challenges while supporting sustainable growth, resilience and competitiveness across Ireland. In addition, ISIF retains the flexibility to invest in National and Compelling Investments, enabling the Fund to respond to emerging opportunities, macroeconomic developments and national priorities where capital can deliver meaningful impact.

Investment Themes ISIF will prioritise the use of its capital and resources to address strategic challenges and focus its efforts on making transformational investments across its impact themes of Climate and Energy Transition; Scaling Businesses; Food, Agriculture and Marine; and Housing, Infrastructure and Sustainable Development.

The ISIF portfolio is diversified across many regions and sectors of the Irish economy. Find out more Meet the team The activities of the ISIF is supported by a diverse workforce. At the NTMA, we believe that delivering long-term value to the State requires a culture where inclusion and diversity are embedded in our processes, behaviours, and values.

We recognise that a diverse and inclusive workplace informs better decision making, creative thinking, innovation and drives business performance. Meet our team ISIF Investments The ISIF portfolio of investments is diversified across Ireland and many sectors of the economy.

ISIF Portfolio NTMA The National Treasury Management Agency (NTMA) is a State body which operates with a commercial remit to provide asset and liability management services to the Irish Government. It controls and manages the Ireland Strategic Investment Fund (ISIF).

Find out more NTMA Governance ISIF Governance The NTMA is the controller and manager of the Ireland Strategic Investment Fund. The NTMA is led by the Agency (Board), which has over-arching responsibility for all of the NTMA's functions including the management and investment of the Ireland Strategic Investment Fund.

The Agency is accountable to the Minister for Finance. The NTMA is led by the Chief Executive who reports directly to the Agency Board. Directors of each NTMA business unit support the Chief Executive of the NTMA. The Ireland Strategic Investment Fund director reports to the Chief Executive and is supported by three Deputy Directors.

The Agency established the Investment Committee to assist it in discharging its responsibilities for the Ireland Strategic Investment Fund. The Investment Committee makes decisions about the acquisition and disposal of assets of the Ireland Strategic Investment Fund within such parameters as may be set by the Agency, advises the Agency on the investment strategy for the Fund and oversees the implementation of the investment strategy.

Contact Us Twitter Linkedin Sitemap Information access Website privacy & cookies Data protection notice Accessibility Twitter policy © 2026 NATIONAL TREASURY MANAGEMENT AGENCY (NTMA) Close Modal Content How ISIF Invests | ISIF About Us About Us Meet the Team How We Invest How We Invest Responsible Investment Case Studies Investments Irish Investment Portfolio Newsroom & Publications News & Media Publications ISIF Newsletter Contact Us ISIF Investments About ISIF Meet the Team Home How We Invest How ISIF Invests Investing on a commercial basis to support economic activity and employment in Ireland Get in touch About ISIF How ISIF Invests ISIF's investment strategy focuses on four key themes aligned with Ireland's long-term priorities: Climate and Energy Transition, Housing, Infrastructure and Sustainable Development, Scaling Businesses, and Food, Agriculture and Marine.

In addition, ISIF pursues cross-theme investment opportunities that can deliver significant economic impact and retains the flexibility to respond to nationally important opportunities through its National and Compelling Investments theme. ISIF Investment Themes Climate and Energy Transition Delivering commercial investment that positions Ireland for a net zero carbon economy and accelerates the energy transition.

Read More Scaling Businesses Enhancing the funding environment, enabling high-calibre businesses and entrepreneurs to reach their global potential. Read More Food, Agriculture and Marine Delivering transformational commercial investments that support Ireland becoming a world leader in sustainable food systems supporting the National Food Vision 2030 Strategy.

Source fold: isif.ie + ntma.ie mid-year / AR landing / business-area pages. Verify against the live isif.ie / ntma.ie page or PDF before citing beyond this profile.

FAQ

What is the Ireland Strategic Investment Fund (ISIF)?

ISIF is Ireland’s sovereign development fund, established in December 2014 under the National Treasury Management Agency (Amendment) Act 2014 (as amended) as successor to the National Pensions Reserve Fund (NPRF). It is controlled and managed by the National Treasury Management Agency (NTMA). Soft strings: ISIF / Ireland Strategic Investment Fund / NTMA. Official sites: https://isif.ie/ and https://www.ntma.ie/. Slug: ireland-strategic-investment-fund.

What is ISIF’s latest official AUM in euro?

Prefer official euro — do not invent a USD headline. At end-2025 (NTMA Annual Report 2025 / ISIF chapter / July 2026 mid-year update): total fund €16.1 billion, comprising Discretionary Portfolio €9.7 billion and Directed Portfolio €6.4 billion.

What returns did the Discretionary Portfolio report?

ISIF earned an 8.1% investment return on the Discretionary Portfolio in 2025. From inception to end-2025, investment gains totalled €3.6 billion and the annualised investment return was 3.8% per annum. The legislatively defined financial benchmark is the average five-year rolling cost of Irish Government debt (about 2.5% at end-2025 as cited in the AR).

Who leads ISIF investment — is there an ISIF CEO?

Do not invent an ISIF CEO. ISIF is an NTMA business unit: the ISIF director reports to the NTMA Chief Executive and is supported by three Deputy Directors. INST maps Cath Rogers (Deputy Director — Head of Investment; joined 2025) to the cio seat and keeps the CEO seat empty. Rebekah Brady is Interim Director of ISIF (from December 2025) and also Director of the Future Ireland Funds — cite in body; do not fill INST CEO with her title. NTMA Chief Executive Frank O’Connor (from July 2022) is not an ISIF CEO.

How is ISIF governed?

The NTMA Agency (Board) has overarching responsibility and is accountable to the Minister for Finance. A statutory ISIF Investment Committee decides acquisitions/disposals within Agency parameters, advises on strategy, and oversees implementation. Irish Portfolio decisions up to €150 million are delegated to the Committee; larger supportive proposals go to the Agency. Current IC (AR 2025): Fiona Ross (Chairperson, Agency), John McCormick (Agency), Linda Hickey, Denis O’Connor, Eoghan Quigley (external; Quigley stepped down 17 April 2026 per AR footnote).

What is the double bottom line mandate?

The Discretionary Portfolio must invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. Economic impact analysis emphasises additionality, displacement and deadweight, including sector metrics such as housing units and renewable MW. The Directed Portfolio (cash/cash equivalents and public-policy holdings such as SBCI and HBFI) is held under Minister for Finance direction and sits outside the Discretionary investment strategy.

What are ISIF’s investment themes?

Impact Strategy (launched June 2022) and the published Investment Strategy 2026 prioritise Climate and Energy Transition; Scaling Businesses; Food, Agriculture and Marine; and Housing, Infrastructure and Sustainable Development, with National and Compelling flexibility for emerging national priorities. In 2025 ISIF committed €1.4 billion across 22 investments; January–May 2026 added €492 million across 11 investments.

How large is ISIF’s Ireland commitment and co-investment?

From inception to end-2025, ISIF committed €9.7 billion across 272 investments, catalysing a further €13.7 billion of private co-investment (1.4× multiple) for a total Ireland commitment of €23.4 billion including partners.

What are ISIF’s housing and climate programme scales?

Housing-related commitments exceeded €2.5 billion at end-2025, supporting delivery of about 27,000 new homes and about 2,500 student accommodation beds (ahead of the original 25,000 homes-by-2030 target). Climate-related investments reached €1.2 billion by end-2025 after exceeding the original €1 billion target; a further €1 billion programme was announced, with €208 million invested in 2025 under that next phase. Equity-for-homebuilding programme allocation was increased to €800 million (December 2025).

Is ISIF the same as the Future Ireland Funds?

No. Future Ireland Fund (FIF) and Infrastructure, Climate and Nature Fund (ICNF) are separate NTMA-managed vehicles (combined about €16.8 billion at end-2025). Rebekah Brady directs FIF/ICNF and is Interim Director of ISIF — keep the funds’ AUM and mandates distinct from ISIF’s €16.1 billion.

Where are the primary sources for this profile?

https://isif.ie/; https://www.ntma.ie/; NTMA Annual Report & Financial Statements 2025 (ISIF chapter); NTMA 2026 mid-year business update (8 July 2026); ISIF Investment Strategy (Published 2026); Meet the Team; Responsible Investment; Climate and Energy Transition pages; Climate Update / Impact Report / Hermes engagement review PDFs; Fossil Fuel and Cluster Munitions exclusion lists. Official NTMA YouTube embeds appear on isif.ie.

What should researchers not invent about ISIF?

Do not invent a USD AUM headline when official disclosures are in euro (€16.1bn end-2025). Do not invent an ISIF CEO or fill the empty INST CEO seat. Do not conflate ISIF with FIF/ICNF, NPRF, or other NTMA units (Funding & Debt Management, NDFA, SCA, NewERA). Prefer dated NTMA/ISIF primaries; keep Cath Rogers’ official Deputy Director — Head of Investment title on the cio seat-lock.

Sources & further reading

• isif.ie — home, About, Meet the Team, How we invest, Responsible Investment, Climate, Publications, Newsletter.
• ntma.ie — NTMA home; business area ISIF; About the NTMA / governance / management team; publications.
• NTMA Annual Report & Financial Statements 2025 (PDF).
• ISIF chapter extract (ntma.ie annualreport-2025).
• NTMA 2026 mid-year business update (8 July 2026).
• ISIF Investment Strategy (Published 2026).
• ISIF Climate Update 2024.
• ISIF Impact Report.
• Hermes Annual Review ISIF 2025 (public).
• Fossil Fuel Exclusion List (April 2026).
• Limited secondary: none required for AUM/leadership headlines in this ship.

Official video

Official NTMA / ISIF YouTube materials are embedded or linked from isif.ie (Impact Strategy; Port of Cork case; other theme clips). Embed below uses youtube-nocookie for the Impact Strategy video authored on the National Treasury Management Agency channel.

Also linked on isif.ie: Port of Cork — ISIF (NTMA channel).

Completeness note

This elite profile targets ~10k+ sourced words from opened ISIF/NTMA primaries (AR chapter, strategy, climate/impact/Hermes PDFs, Meet the Team, RI, mid-year). Non-blocking expansions: full directed-portfolio statutory notes; complete Agency attendance tables; investee-level commitment schedule line items; PRI Transparency Report extracts; quarterly voting PDFs — omit rather than pad. Daily-refresh disabled. Desk untouched.