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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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