Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Govt provides $60m underwrite for NZVIF


Hon Steven Joyce
Minister for Economic Development
27 February 2013 Media Statement

Govt provides $60m underwrite for NZVIF

Minister for Economic Development Steven Joyce today announced a further $60 million underwrite for the New Zealand Venture Investment Fund’s programme to encourage more private investment into new venture capital funds.

“Capital markets are the growth engine for the economy but some parts can be strengthened. There is a role for Government to partner with private investors in developing the venture capital part of our capital markets, as is the case in the United States and other economies with strong innovation sectors,” Mr Joyce says.

“Raising the level of venture capital investment into innovative companies is a focus of the Government’s Business Growth Agenda and is highlighted in the Building Capital Markets progress report. The $60 million underwrite of the venture capital programme – to which the Government has already allocated $160 million and a previous $40 million underwrite – allows NZVIF to continue to commit to new venture capital funds, which will invest in technology companies.”

“The underwrite facility is a contingent liability rather than an upfront sum. It provides the flexibility so that NZVIF can continue to make commitments into new venture capital funds and then use future cash flows from existing investments to meet those commitments.

“The past 12 months has seen two new funds established and begin investing, and NZVIF expects to see another two to three funds raising funds over the next three to four years. The underwrite will assist this renewed activity in venture capital. It will also support new investment through the $200 million Co-Fund established between NZVIF and the National Development Fund of Taiwan.

“NZVIF’s venture capital programme sees it partnering with private investors to invest in venture capital funds. Through NZVIF, the Government invests relatively small sums, on fully commercial terms, which spurs considerably more private investment.

“NZVIF has invested $117 million into 126 companies – including 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

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics.

Can the two surviving Maori Party MPs (one electorate, one list) credibly work together with the old firebrand who split up the group years ago, and still hope to rekindle some of that same old magic? More>>

 

Private Provision: First Social Bond To Focus On Mental Health

New Zealand’s first social bond will help around 1700 people with mental illness into work, Finance Minister Steven Joyce and Social Investment Minister Amy Adams say. More>>

ALSO:

Megaupload Case: High Court Rules Dotcom, Co-Accused Eligible For Extradion

Internet entrepreneur Kim Dotcom and his three co-accused are eligible for extradition to the United States, New Zealand's High Court ruled... Justice Murray Gilbert upheld a decision by the District Court that there were grounds for Dotcom, Mathias Ortmann, Bram van der Kolk and Finn Batato to be extradited. More>>

ALSO:

PREVIOUSLY:

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Welfare: WINZ Breaching Privacy Laws With WINZ Vetting Rules

E tū, the union for security guards, says WINZ may be breaching privacy laws with its new screening process for people visiting WINZ offices. The vetting requires WINZ security guards to check photo ID and whether visitors to WINZ offices have an appointment.More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news