The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has today announced four new housing investment commitments totalling €250 million to accelerate the delivery of more new homes across Ireland.
ISIF also confirmed that it has already exceeded its original target of funding 25,000 homes by 2030, significantly ahead of schedule. Building on this progress, ISIF has now set a new target of funding an additional 25,000 homes by 2030, bringing the total to 50,000.
The four new investments announced today build on ISIF’s existing housing investment programme. Commitments under this programme totalled €2.5 billion at end-2025.
New commitments announced today:
- A €100m commitment to the Avenue Ireland Opportunities Fund, a dedicated fund focussed on providing senior secured construction finance loans to Irish homebuilders. The loans will be originated by Castlehaven Finance and the fund is managed by Avenue Capital Group.
- A €25m commitment to Avenue Europe Fund VI, Avenue Europe’s flagship real estate credit fund that invests in residential construction and investment property loans across Northern Europe that are sourced by Avenue Europe’s exclusive origination platforms. This fund will also provide loans in the Irish market alongside the Avenue Ireland Opportunities Fund, further supporting the provision of construction finance to Irish homebuilders.
- These two new commitments to funds managed by Avenue Capital Group build on an existing €100m commitment made by ISIF to prior Avenue Capital Group funds that have provided debt finance for Irish homebuilding using a similar structure; and on an existing €150m commitment to the Avenue Homebuilder Capital Solutions Fund that provides equity capital to Irish homebuilding firms.
- A €100m investment in Cardinal Real Estate Finance Fund III, a real estate credit fund managed by Cardinal Capital, an Irish provider of alternative capital. This fund will provide specialist forms of debt, such as mezzanine, whole-loan and unitranche debt, to Irish real estate developers and investors, primarily for residential development.
- A new €24m follow-on investment in the Irish Homebuilding Equity Fund to support the pool of equity risk capital available for Irish homebuilding projects. This fund, managed by Pearl Capital Managers Limited, provides equity to homebuilding firms that helps them to unlock senior debt financing from lenders. This €24m investment builds on ISIF’s existing €25m investment in this fund, which was previously known as Pearl Residential Equity Fund II.
Tánaiste and Minister for Finance, Simon Harris TD, said:
“ISIF continues to make a significant contribution to increasing housing supply and today’s announcement shows that impact clearly. It has already exceeded its original target of 25,000 new homes – well ahead of schedule – and these four new investments will help deliver even more much-needed housing across the country.
I welcome ISIF’s new ambition to support a further 25,000 homes by 2030. This continued commitment will help ensure that viable projects get the backing they need and that more homes are delivered for families and communities.”
Minister for Housing, Local Government and Heritage, James Browne TD, said:
“Secure finance is the critical starting point in housing delivery providing the certainty needed to move projects from plans to construction.
Given the cost it takes to bring new homes forward, access to secure, reliable funding is essential to ensuring that developments can progress and ultimately deliver much-needed homes for people to grow up and grow old in.
This is why today’s announcement is so significant and is a further vote of confidence in the residential construction sector.”
Rebekah Brady, Interim Director of ISIF, said:
“These transactions are a statement of the extent to which ISIF wants to support the delivery of much-needed homes at scale across Ireland.
Having reached and exceeded our original target of supporting 25,000 homes ahead of schedule, we are now setting a new ambition to further support housing delivery nationwide.
The four new commitments announced today demonstrate ISIF’s continued commitment to backing strong Irish and European partners; to unlocking proven financing structures that can make a real difference to homebuilders across the country; and to increasing the supply of new homes for the people who need them.’’