The National Pensions Reserve Fund yesterday announced that following a competitive sales process it had agreed to sell approximately €800 million of global private equity fund interests to Lexington Partners, a US-based private equity specialist.

The private equity fund interests comprised “investments in and commitments to 24 separate private equity funds”, the NPRF said.

The commercial terms of the sale were not disclosed and the transaction is expected to be completed in the coming months.

The sale was initiated last September to generate liquidity to facilitate the NPRF's transition into the Ireland Strategic Investment Fund. The Government announced plans last June to redirect €6.8 billion in funds from the NPRF to the new fund for investment in infrastructure and commercial projects.