Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZVIF to invest in new funds with $60m underwrite

NZVIF to invest in new funds with $60m underwrite

Media release: 27 February 2013

The New Zealand Venture Investment Fund expects to commit to two to three new venture capital funds over the next few years, following the government’s decision to provide NZVIF with a new $60 million underwrite facility.

NZVIF chief executive Franceska Banga said the underwrite is not a new allocation of capital but it provides NZVIF with additional capacity to commit to new venture capital funds.

“The underwrite facility is unlikely to be called, but it provides greater flexibility in the way that NZVIF manages the $160 million which has previously been allocated to the venture capital programme. It allows NZVIF to make commitments into new venture capital funds and then use cashflows from past investments to meet those commitments.

“The additional $60 million in the form of an underwrite of NZVIF is timely and welcome. It enables us to progress with new investment partnerships, like the recently announced cofund partnership with Taiwan’s National Development Fund. We expect to see two to three new funds beginning the capital raising process over the next three or four years which, if established, will help the flow of growth capital for startup companies.”

Since establishing NZVIF, the government has allocated $160 million of capital to the venture capital programme and $40 million for seed investments. Two years ago, it provided a $40 million underwrite to NZVIF for the programme. Together with the latest underwrite, NZVIF has capacity to make investment commitments up to $300 million. NZVIF has made investment commitments of over $200 million to date.

Eight venture capital funds and 14 angel group partnerships have so far been established. Through these, NZVIF has invested $117 million into 126 companies including promising companies like Orion Health, SLI Systems, PowerbyProxi, Booktrack, BioVittoria and Zephyr Technology which have gone on to raise total investment capital of $700 million. They have also earned revenues of $1.25 billion, including export earnings of $945 million.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news