BREAKING NEWS
Air Asia flight from Indonesia to Singapore has lost contact with air traffic control ... Read more
Close

Venture Fund meets US$75m target

MICHAEL FOREMAN
Last updated 12:44 25/08/2014

Relevant offers

Better Business

Auckland bus driver sacked over 'threatening' use of bus Filing a grievance over a 'bum slap' may cost woman $5000 Festive frivolity could result in problems Ask the Experts: Be well prepared when bringing in staff I've disgraced myself. Do I quit? Colleagues regret Secret Santa calamity Secret santa 'nothing short of bullying' Auckland the best place for jobs Cruel Secret Santa ruined my career Look back before you look forward

A venture-capital fund operated by the New Zealand Venture Investment Fund (NZVIF) and its Taiwanese counterpart has raised its initial target of US$75 million (NZ$89m).

The fund, known as GRC SinoGreen Fund III, is being operated in partnership with Taiwan's National Development Fund and will continue to raise capital towards a final target of more than US$100m.

New Zealand Government-backed NZVIF and the Taiwanese National Development Fund have each committed US$20m to the fund, with the balance coming from overseas institutional investors.

NZVIF chief executive Franceska Banga said that having reached its first close, the fund could start considering investment opportunities and making investments.

"The terms of NZVIF's commitment means that at least US$35m will be invested into New Zealand-originating technology companies," Banga said.

The fund will be managed by a team of venture capitalists including the Auckland branch of GRC Managers, formerly known as Pan Pacific Capital.

Tony Bishop, head of GRC Managers in Auckland, said the fund's investment targets were technology-centric private companies with growth potential, including New Zealand companies which would benefit from the growing markets in China.

"We have a number of investments under consideration, and there is a strong pipeline of companies," Bishop said.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content