represents the sector and is a constituent part of Financial Services Ireland (FSI) and ultimately of Ibec. Corporate treasury The corporate treasury sector primarily consists of small IFSC subsidiaries of large non-financial multi-national services organisations (e.g. Pfizer, Xerox), which serve as a hub for in-house treasury functions (i.e. cash pooling, fx hedging), for their global parent and sometimes serving as shared services centres serving multiple locations and functions (providing administration and bookkeeping functions). The level of Irish corporation tax paid by these hubs is close to €200m per annum, making it more valuable to the Irish Economy than the higher-profile IFSC Securitisation sector. Payments processing This is a more diverse sector that covers classic payments companies (US credit card processing companies like Visa and MasterCard), internet and fintech payments companies (i.e. PayPal, Stripe), and other niche payment processors (i.e. Fexco, TransferMate, Realex Payments, Prepaid Financial Services). The attraction is Ireland's beneficial tax regime for contract manufacturing (previously developed for the pharmaceutical sector in Ireland) which makes Ireland a low / zero tax centre for handling payments. The closest trade body for the IFSC Payments sector is the Fintech Payments Association of Ireland (FPAI) (not exclusively IFSC focused). Private equity and venture capital Private equity and private credit firms with offices and investment professionals in Ireland are mainly operated and funded by large American private equity organisations such as KKR, The Carlyle Group and Oaktree Capital Management. Additionally, investments and acquisitions are also made by non-domestic firms such as Brookfield Asset Management's €120M takeover of Imagine Communications, Insight Partner's purchase of a €100m stake in the AMCS Group (in conjunction with the ISIF) and Apollo's takeover of Ireland's largest hotel chain Tifco in a €600m deal in 2018. Domestic private equity firms include Renatus and most notably Causeway Capital who were responsible for the rescue of Patisserie Valerie in February 2019. The trade body for the private equity and venture capital industry is the Irish Venture Capital Association (IVCA). Technology expansion The 2015 IFSC III phase saw the "financial" IFSC merge with the neighbouring Grand Canal Dock and Dublin Docklands areas; comprising major offices of global technology multinationals including Google, Facebook, and Amazon. Since the 2015 expansion, the term "International Services Centre" (ISC) is sometimes used. Some of the biggest offices in the IFSC are the law firms (e.g. Matheson, A&L Goodbody, McCann Fitzgerald, and William Fry), and accounting firms (e.g.