The International Forestry Fund, the British Virgin Islands-based fund chaired by former taoiseach Bertie Ahern, has raised only €5 million since its establishment in 2009, according to one of its directors.

Paul Brosnan said the possible collapse of the Swiss investment fund manager acting for the fund, Helvetia Wealth, was not a threat as the fund would simply find a new investment manager.

Earlier this month, Helvetia issued a letter to its shareholders saying it became bankrupt in December but it appealed and was currently trying to raise one million Swiss francs (€810,000) in an attempt to save the company.

In November 2009, Helvetia announced that Mr Ahern was taking on the role of chairman of the fund, which was described as a “joint venture” between Helvetia and Dublin- based IFS Asset Managers Ltd.

Mr Brosnan, a director of IFS, said the fund had invested in forestry assets in Ireland and Scotland. He also said the take- up “could have been better”.

The fund directors are Mr Ahern, Mr Brosnan, Trevor McHugh of IFS and Ottmar Ruoff of Helvetia. Helvetia also acts as the fund’s promoter. Mr Brosnan said he wished Helvetia well but if it collapsed it would simply be replaced.

The minimum contribution to the fund is €100,000. Mr Ahern is not an investor.