# Innovation Fund Ireland

Innovation Fund Ireland is a Government / Public Body based in Dublin, Ireland.

## Overview

- **Organization type:** Government / Public Body
- **Headquarters:** Dublin, Ireland
- **Region:** Europe
- **Address:** Dublin, Ireland
- **Founded:** 2011
- **Assets under management:** $50M - $150M deployed (Altss estimate)
- **Website:** www.sifund.ie
- **LinkedIn:** https://www.linkedin.com/company/enterprise-ireland

## Regulatory record

- **Reports private funds:** No

## About

The fund is part of Ireland's economic recovery plan, investing in start-ups as outlined in the country's economic strategy.

## Sectors

- Venture Capital
- Enterprise Software
- Digital Health
- AI/ML
- ClimateTech
- FinTech

## People

- Deirdre Mortell — CEO, Rethink Ireland

## Questions

### How does Innovation Fund Ireland invest its capital?

It operates strictly as a fund-of-funds, committing as a limited partner in venture capital funds. The program requires fund managers to raise matching private capital and establish an office in Ireland, with the capital reserved for Irish start-ups or firms relocating significant operations there (per the firm's published mandate).

### Who runs investment decisions at Innovation Fund Ireland?

Investment decisions originated from the National Treasury Management Agency (NTMA) acting as manager for the NPRF, and now fall under the Ireland Strategic Investment Fund (ISIF). ISIF manages the due diligence, commitment, and monitoring of the underlying fund relationships under a commercial mandate from the state.

### What is the relationship between Innovation Fund Ireland and ISIF?

Innovation Fund Ireland was initially funded by the National Pensions Reserve Fund (NPRF). After the NPRF was dissolved, its assets and mandates, including the Innovation Fund Ireland program, were transferred to the Ireland Strategic Investment Fund (ISIF), which now administers the portfolio.

### Is this an equity fund or a grant-making body?

It is a commercial equity fund-of-funds, not a grant agency. It takes LP stakes in private venture funds and expects a commercial return, though its primary mandate is to catalyze the domestic venture ecosystem by solving a growth-capital market gap.

### Does the fund make direct investments in companies?

No. Innovation Fund Ireland does not invest directly in companies. It anchors venture capital firms that then deploy into individual start-ups, using a structure that multiplies state capital with private institutional commitments.

### How is Innovation Fund Ireland related to Rethink Ireland?

Rethink Ireland is a separate charitable organization, formerly called the Social Innovation Fund Ireland, which deploys philanthropic and government funds into non-profit social enterprises. Deirdre Mortell, Rethink Ireland's CEO, is a related business partner in the broader state innovation funding ecosystem, but the two funds operate independently with different capital sources and mandates.

## Related profiles

- [Innovation and Development Andalucía](https://altss.com/profile/innovation-and-development-andaluc-a)
- [Innovation Norway](https://altss.com/profile/innovation-norway)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/innovation-fund-ireland

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