Dáil Éireann Debate, Tuesday - 21 March 2023
140. Deputy Louise O'Reilly asked the Minister for Enterprise, Trade and Employment the amount invested in venture capital funds and other investment funds by Enterprise Ireland in the past ten years broken down by fund and the return on these investments to Enterprise Ireland. [13020/23]
View answerOver the past ten years, the Irish Government, through Enterprise Ireland, has invested €479 million into 32 venture capital funds to stimulate job creation and support the funding requirements of early-stage innovative Irish companies with global ambitions. To date €361 million of this investment has been drawn down from Enterprise Ireland.
On an annual basis these investments provide a return on investment to Enterprise Ireland. Over the last ten years, up to 31 December 2022, the amount that has been repaid to Enterprise Ireland amounted to €304 million.
As of 31st December 2022, the residual estimated value of investment assets was €306m*.
Table 1 Summary of Venture Fund Activity
|
Venture Fund Activity by EI 2013-2022 |
€m |
|
Total Commitments |
€479 |
|
No. of Fund investments |
32 |
|
Drawn to date from EI |
€361 |
|
Repaid to EI as at Dec 2022 |
€304 |
|
Residual Est Value at Dec 2022 |
€306m* |
*Y/e 2022 Audited Accounts not finalised so Residual Values are estimates
Table 2 Enterprise Ireland’s Allocation to Venture Funds broken down over the past 10 years.
|
Seed & Venture Capital Scheme 2013-18 |
EI Allocated €m |
Fund Launch* |
|
Fountain II |
15 |
2014 |
|
Atlantic Bridge III |
15 |
2015 |
|
Kernel Capital PEF II |
12.5 |
2015 |
|
ACT V Fund |
19 |
2016 |
|
Seroba III Fund |
15 |
2016 |
|
University Bridge Fund |
15 |
2016 |
|
ACT Side Car |
4.875 |
2016 |
|
Frontline II Fund |
13 |
2016 |
|
European Angel Fund |
10 |
2016 |
|
Sure Valley |
10 |
2017 |
|
Finch Capital II |
10 |
2018 |
|
European Angel Fund top up |
10 |
2018 |
|
Yield Lab Europe Fund |
10 |
2019 |
|
Seed & Venture Capital Scheme 2019-24 at 31/12/2022 |
EI Allocated €m |
Fund Launch* |
|
Atlantic Bridge IV |
15 |
2019 |
|
Furthr Ventures |
16 |
2019 |
|
Middlegame Ventures |
10 |
2019 |
|
University Bridge II |
20 |
2020 |
|
Redesdale Fund |
15 |
2021 |
|
Delta IV Fund |
15 |
2021 |
|
Seroba IV Fund |
10 |
2021 |
|
ACT VI |
8.5 |
2021 |
|
ACT VI Sidecar |
12.5 |
2021 |
|
Elkstone Ventures Ireland |
20 |
2022 |
|
Middlegame Seed Fund |
8 |
2022 |
|
Earlybird Tech Fund II |
5 |
2022 |
|
Finch Capital III |
5 |
2022 |
|
Development Capital Fund Scheme |
EI Allocated €m |
Fund Launch* |
|
Carlyle Cardinal Ireland LP |
25 |
2013 |
|
MML Growth Capital |
25 |
2013 |
|
BDO Development Capital |
25 |
2013 |
|
Innovation Fund Ireland Scheme |
EI Allocated €/$ m |
Fund Launch* |
|
Soffinova Ventures |
US$25 |
2011 |
|
Lightstone Ventures |
US$25 |
2013 |
|
Highland Europe GP |
€20 |
2013 |
|
Arch Venture Fund VIII |
US$27.4 |
2014 |
* Fund life for VC funds are 10+ years, which results in funds being drawn down over the course of this timescale.
