Silicon Valley Bank to lend $100m to Ireland’s innovative technology firms
The National Pensions Reserve Fund will in turn be committed to invest in SVB Capital’s technology-based funds
Having recently opened its UK branch in London, Silicon Valley Bank has revealed plans for a mutual business agreement with the Irish government’s National Pensions Reserve Fund (NPRF), which supports the country’s technological development.
Silicon Valley Bank, a premium bank that provides advice and financial support to innovative companies worldwide, will work with the NPRF to identify Ireland’s most exciting technology businesses. It will then deploy $100m through bank loans to fund technology, life science, cleantech, private equity and venture capital businesses over the next five years.
As part of the agreement, the NPRF will introduce Silicon Valley Bank to potential clients within these sectors. Moreover, the NPRF is simultaneously committed to invest in SVB Capital’s technology-focused funds.
Greg Becker, president and CEO of Silicon Valley Bank, is positive about the collaborative relationship: “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 NPRF commission, is similarly pleased with the agreement: “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.”