Four major managers appointed to run €17.6bn Irish sovereign funds

Four of the world’s largest asset managers have been appointed to manage assets for Ireland’s Future Ireland Funds, the sovereign wealth vehicles launched by the Irish government.

The funds, which were established in 2024, are designed to help meet long-term fiscal pressures, including population ageing and climate change. They comprise the €13.1bn Future Ireland Fund (FIF), focused on broader expenditure pressures, and the €4.5bn Infrastructure, Climate and Nature Fund (ICNF).

The ICNF is designed to operate as a countercyclical vehicle, available to support state spending in the event of future economic shocks, as well as to finance designated environmental projects between 2026 and 2030.

The Irish government has committed 0.8% of GDP annually to the new vehicles, with a significant share expected to be invested in climate and energy transition-related assets.

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Ireland’s National Treasury Management Agency (NTMA), which acts as controller and manager of the funds, has confirmed the appointment of Amundi, BlackRock and State Street to manage a portion of the assets.

The firms have been selected to provide passive investment management services and will track major market indices in line with each fund’s respective benchmarks.

To date, the Future Ireland Fund invests predominantly in developed market equities and holds a 20% allocation to bonds. Over time, around 20% of its portfolio is expected to be allocated to private markets, with planned exposure to real assets, private equity and private credit.

Meanwhile, the ICNF currently invests solely in fixed income but will gradually introduce a 10% allocation to higher-risk debt instruments.

The NTMA said it expects to run further public procurement processes in due course to appoint managers for the additional asset classes that will be added to the portfolios.