Silicon Valley bank is to invest $100 million in lending to high-potential firms as part of a new partnership with the National Pensions Reserve Fund (NPRF).
The new initiative, which is aimed at supporting the technology innovation sector in Ireland, will see the high-tech bank lending to fast-growing technology, life science, cleantech, private equity and venture capital businesses over the next five years.
The NPRF will assist the bank in identifying potential clients
In a separate transaction, the NPRF has made a commitment to invest in technology-focused funds managed by SVB Capital.
Terms of the letter of intent between the bank and the NPRF were not disclosed.
Silicon Valley Bank, which has £20 billion in assets, opened its first branch in Britain last week offering banking and loan services to high-tech firms there.
"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,” said Silicon Valley Bank's president and chief executive Greg Becker.
Founded in 1983 and headquartered in Santa Clara, California, the company, which employs more than 1,500 people, serves clients around the world through 26 US offices and international operations in China, India, Israel and Britain.
The bank counts tech giants such as Cisco, Evernote, Pinterest and Mozilla among its clients.
The NPRF, which was established in 2001, welcomed the decision of the bank to partner with it.
“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,” said the fund's chairman Paul Carty.
