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

Human Rights Commission: Urgent Need For Action On Seclusion And Restraint

A new independent report has outlined a number of serious concerns about New Zealand’s seclusion and restraint practices, says the Human Rights Commission...

Chief Human Rights Commissioner David Rutherford says that while the report makes for sobering reading, the focus should now be on how the recommendations can be used to reduce the occurrence of seclusion and restraint in New Zealand and, in circumstances where it is necessary, to improve practices. More>>

 

$11bn Capital Spend, New Debt Target: Steven Joyce On Budget Priorities

First, delivering better public services for a growing country – providing all New Zealanders with the opportunity to lead successful independent lives... And finally, we remain committed to reducing the tax burden and in particular the impact of marginal tax rates on lower and middle income earners, when we have the room to do so. More>>

ALSO:

JustSpeak Report: Bail Changes To Blame For New Billion Dollar Prison

In 2013 criminal justice spending was falling and the Government was mulling over what to spend the money on. 3 years later there are 10,000 people in prison and a new billion dollar prison is announced. More>>

ALSO:

Asylum: Dunne Accepts Hundreds Of Postcards On Refugee Categories

Minister Peter Dunne today accepted over 800 postcards calling for convention refugees to have the same entitlements as quota refugees... The campaign has been run with ActionStation together with LUSH Cosmetics, with postcards being signed in stores around New Zealand. More>>

ALSO:

Reshuffle: PM Announces Changes To Ministerial Portfolios

Prime Minister Bill English today announced the appointment of Gerry Brownlee as Minister of Foreign Affairs, Nathan Guy as Minister of Civil Defence, Nikki Kaye as Minister of Education and Mark Mitchell as Minister of Defence. More>>

ALSO:

Q+A Transcript: CTU Call For 'National Standards' On Wages

‘If you look at countries who do better than us, who pay wages better, who have more competitive industries, more successful economies, they have systems where there are national standards.’ More>>

ALSO:

Energy: Greens Launch Plan For Cheaper And Cleaner Electricity

$112 million for winter warm-up payments to help low-income households cover their power bills • setting a goal for 100 percent renewable electricity by 2030 (in average hydrological conditions) • an investigation into the electricity wholesale market. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news