Group	2014 €’000	2013 €’000
Financial assets at fair value through profit or loss	1,935	1,071

The Group may invest in equity instruments to maximise value or gain control of an asset. Equity investments at the reporting date comprise:

• a 20% interest in a partnership of €1.2m (2013: €1.2m), held by NAJVAL. The interest was acquired by the Group in 2013 as consideration for the sale of certain loans. The Group is not able to exercise significant influence over the partnership, as the other 80% interest is held by one shareholder who controls the decision making of the partnership.


• a 16.5% ownership in a qualifying investor alternative investment fund (“QIAIF 1”), a 47.75% ownership in a second QIAIF (“QIAIF 2”), and a 15% ownership in a third QIAIF (“QIAIF 3”) with a combined value of €27.5m, held by NALML.
  

  	2014 €’000	2013 €’000
  QIAIF 1	8,139	5,125
  QIAIF 2	10,067	-
  QIAIF 3	9,281	-
  	27,487	5,125

  
  The units in QIAIF 1 and QIAIF 3 were acquired as consideration for the sale of certain property assets held by NAMA to these funds in 2013 and 2014 respectively. The units in QIAIF 2 were acquired by the Group in 2014 to facilitate the fund’s purchase of property assets. The objective of these funds is to enhance the development potential of combined sites in the South Docks area of Dublin, thereby generating capital growth over the longer term. NAMA has invested in these funds in line with its strategy to facilitate the delivery of commercial and residential development in the Dublin Docklands.

- as a result of a restructure of one of the NAMA managed debtors in 2014, the Group acquired a 98% ownership of one fund and 54% ownership of a second fund with a combined value of €7.4m (2013: €nil). These funds hold real-estate assets in Portugal. All decision making is controlled by the funds’ management company, therefore NAMA is not able to exercise control over the funds.