Venture Fund meets US$75m target

Last updated 12:44 25/08/2014

Relevant offers

Better Business

AFT Pharmaceuticals to list on NZX and ASX in December Brokers view: Positivity may be returning for Kathmandu Five men die during 'shocking' year for workplace deaths Hamilton city councillors vote down one-way door plan Lecturer claiming cyber-bullying takes objection to ERA investigator Mitre 10 ends Mr Mega without even a goodbye - Vaoga Second Christchurch business gutted by fire, arson suspected TV boss smashed worker's desk with hammer, taunted her on social media $40k payout for worker who crushed hand in log splitter Women who avoid boozy work dos

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