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All you need to know about the new ISIF Pandemic Stabilisation and Recovery Fund (PSRF)


Friday, May 8, 2020

  • A €2 billion fund administered by ISIF (the Irish sovereign development fund) to support medium and large enterprises in Ireland affected by COVID-19;
  • Medium and large enterprises eligible which employ > 250 employees or with annual turnover > €50 million (businesses below this threshold may qualify if of sufficient scale or nationally or regionally significant);
  • Must demonstrate they were commercially viable prior to the COVID-19 pandemic and can resume viability and contribute to the Irish economy;
  • The PSRF investment will seek a risk-adjusted return and take the form of equity, debt and hybrid structures and is intended to be complementary to other economic supports available;
  • All sectors are eligible and will not be subject to ISIF’s priority themes (regional development, housing, indigenous business, climate change or Brexit);
  • In line with ISIF’s general approach, ISIF investments seek both commercial return and economic impact (the “double bottom line”), and co-investment where existing shareholders have capital available are expected to meaningfully participate alongside ISIF, together with 3rd party capital as co-investment partners if suitably aligned.

What do businesses need to apply to the PSRF?

  • General corporate information: CRO details, structure chart, founder, management team and shareholder details;
  • Business summary: brief description of business, sector, products, USP, customer base, competitors, geographical footprint of the business employee profile etc;
  • Financial information: existing lenders and summary of existing debt, financial accounts, projected turnover for the next 12 months;
  • COVID-19 information: summary of the impact of COVID-19 on the business, purpose of investment, proposed business plan (if possible), assessment of required investment from PSRF.

The establishment of the PSRF utilising the proactive skills and expertise of ISIF is a welcome development for medium to large businesses. ISIF have a track record of delivering targeted investment and co-investment in the economy already and should deliver the necessary investment and support to aid the recovery and resumption of business for this important sector.

For further information or advice in relation to the above article, please contact our financial services team.

 

Follow us or engage with our COVID-19 hub for more information on the other support measures available for businesses or advice on the steps your business should take during this COVID-19 pandemic. The cross-sectoral Philip Lee team is available to support your business through the pandemic with expert advice, practical and innovative solutions.

 

 


Author

Simon O’Neill

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Jonathan Kelly

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John Given

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