I am informed by the National Treasury Management Agency, as Manager of the National Pensions Reserve Fund (NPRF), that the total value of the Fund at 31 March 2012 was €15.1 billion and that the value of the Discretionary Portfolio was €5.8 billion. In announcing the Strategic Investment Fund (SIF) initiative in September 2011, the Government indicated a refocusing of the Fund's investments from global towards Ireland. Commercial investment will be channelled from the NPRF towards productive investment in sectors of strategic importance to the Irish economy.
A key principle of the Strategic Investment Fund is that the NPRF investment, which is to be solely on a commercial basis, will seek matching investment from third-party investors. In this way the Fund's assets can be used as a catalyst to attract additional capital for investment in the Irish economy. In addition, the Fund has been working closely with NewERA in respect of investment opportunities relating to the commercial semi-state sector.
The NPRF Commission announced in November 2011 a commitment of €250 million to a new Irish infrastructure investment fund which is seeking up to €1 billion from institutional investors in Ireland and overseas and which will invest in infrastructure assets in Ireland, including assets designated for disposal by the Government and commercial State enterprises and also new infrastructure projects.
The NPRF has also committed, subject to certain pre-conditions, €450 million to finance the national roll-out of domestic water meters.