China, Ireland set up new technology investment fund

China and Ireland have set up a new technology investment fund to support relevant companies of both countries to carry out R & D activities, the Chinese embassy confirmed on Saturday.

On Friday, Ireland's National Pensions Reserve Fund (NPRF) announced the establishment of the investment fund with a Chinese sovereign wealth fund.

In a statement, the NPRF said the fund, called the China Ireland Technology Growth Capital Fund, will be capitalized at 100 million U.S. dollars with equal commitments from the NPRF and China Investment Corporation (CIC).

WestSummit Capital, a leading technology growth capital investor based in Beijing with an office in Silicon Valley, and Atlantic Bridge, a leading technology growth capital investor based in Dublin with offices in London and Silicon Valley, will co-manage the fund.

The fund's strategy will be to make minority equity investments in fast-growing technology companies in Ireland that have a substantial presence or strategic interest in China, and in Chinese fast-growing technology companies that have a substantial presence or strategic interest in establishing a presence in Ireland as a gateway into the broader European market, according to the statement.

The fund will target companies operating in core technology sectors such as internet, software, semiconductors and clean technology and areas of technology for which the fund's strategy is uniquely positioned, including but not limited to agriculture, food, medical and financial services, it said.