The Irish government's National Pensions Reserve Fund (NPRF) and Californian-based Silicon Valley Bank today announced a collaborative relationship aimed at supporting the technology innovation sector in Ireland.
Silicon Valley Bank expects to deploy USD100 million of new lending commitments to fast-growing Irish technology, life science, cleantech, private equity and venture capital businesses over five years, subject to its usual lending criteria, it said.
The bank will, either directly or through one of its group affiliates, also add a local representative to work with these businesses in Ireland as they grow. The NPRF will help Silicon Valley Bank identify potential clients in these niche sectors.
In a separate transaction, the NPRF has made a commitment to invest in technology-focused funds managed by SVB Capital.
Commenting on the initiative, Greg Becker, President and CEO of Silicon Valley Bank, today said: "Building on the momentum we've seen in the UK with our recently opened UK branch and our aspirations to support our innovative clients around the world, we are really looking forward to bringing our knowledge and global network to entrepreneurs in Ireland. We'd like to thank the Irish government and particularly the NPRF for their proactive approach and support of our efforts to enter the market."
Paul Carty, Chairman of the National Pensions Reserve Fund Commission, said: "Bringing Silicon Valley Bank's expertise and understanding of emerging and high-growth companies to Ireland will have a significant and positive impact on the ability of our vibrant innovation sector to reach its long-term growth potential."