Irish Life targets major energy transition fund with new unit

It has established a new unit to manage the fund, called TirNua Capital Partners.

The group, part of Canada’s Great-West Lifeco, has hired David O’Brien as chief executive of TirNua Capital Partners. He was previously managing director and co-head of the Evergreen Infrastructure Partners, a unit of US investment giant BlackRock.

Irish Life Investment Managers declined to comment.

As of the end of 2024, Irish Life Investment Managers had more than €131bn of assets under management. It is the largest life and pensions group and fund manager in Ireland.

In 2023, BlackRock achieved the first close of its Evergreen investment infrastructure fund, securing almost $1bn (€856m) in commitments from its founding partners.

The open-ended equity fund focuses on investments in European and North American infrastructure connected to energy transition and energy security.

It has cornerstone commitments from European Italian bank Intesa Sanpaolo and Inarcassa, Italy’s national pension fund for engineers and architects.

Mr O’Brien scaled multiple infrastructure fund strategies and led multiple infrastructure investments

It is believed that TirNua Capital Partners will also focus on investing in infrastructure assets that will support Ireland’s energy transition.

Ireland has a target of seeing 80pc of its energy needs provided from renewable sources by 2030.

The Government also hopes to have at least 5GW of offshore generating capacity installed by then. By 2050, it hopes to have 37GW of offshore renewable energy capacity installed.

However, the 80pc target is unlikely to be met. Industry executives point to a slow planning process, what they claim are inefficient energy capacity auctions, and the system of judicial reviews as hindering the pace of development.

The target for the deployment of offshore energy capacity is also unlikely to be met.

While at BlackRock, Mr O’Brien scaled multiple infrastructure fund strategies and led multiple infrastructure investments. As co-head of BlackRock Evergreen Infrastructure Partners, he led the fund’s development, fundraising and investment activities.

Before joining BlackRock in 2011, he was director of corporate finance at Irish firm NTR, where he worked for six years.