In late 2011, the National Pensions Reserve Fund (NPRF) Commission announced a commitment of €250 million to a new Irish Infrastructure Investment Fund (IIF) 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 new infrastructure projects.
The fund, which was established by Irish Life Investment Managers, with AMP Capital appointed as the fund's discretionary investment manager, currently has in excess of €310 million of committed capital.
In September 2013, the IIF completed its second investment by acquiring 100% of Towercom, Ireland's largest independent wireless telecoms infrastructure company. Towercom owns more than 400 communications masts in key strategic locations across Ireland and counts all of the major telecoms operators in Ireland among its customers. This is the second investment completed by the IIF, following its acquisition of a controlling stake in a portfolio of wind farms from Viridian Group in 2012.
To date, the IIF has not tendered for or procured any asset disposed of by the State.