Over 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.