Venture Fund meets US$75m target

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

Relevant offers

Better Business

Business toolbox: Managing health and safety in a small business Bid to attract migrant workers to Canterbury How the collectables craze is turning children into brand-savvy shoppers Catholic Church 'appalled' at changes to Easter trading Marlborough Lines finish Wairau section upgrade Development West Coast trust grows fund to $126m Is a six-figure salary bad for your health? Family electrical business keeps up momentum Easter trading law change 'sensible' - Sowman Rude receipt from Christchurch store

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