WIRES:

General Manager named for Venture Investment Fund

Monday, 17 September 2001, 5:53 pm
Press Release: Ministry of Research Science and Technology

Franceska Banga has been appointed General Manager for the Government’s Venture Investment Fund (VIF), the Chairman of the VIF Board, John Grant said today.

VIF was announced by the Government in May this year, to grow and develop the venture capital market in New Zealand.

Mr Grant said Franceska Banga had a strong background in finance, economics and venture capital policy.

Ms Banga is currently a senior manager in the Ministry of Research, Science and Technology. She has previously held senior management positions in the Treasury and Ministry of Health.

Through VIF, the Government will invest $100 million in a series of individual venture capital funds over the next three years. These funds will in turn invest in innovative New Zealand businesses developing technology and high value-added products and services.

The VIF will be managed as a distinct entity, based in Auckland, with a Board drawn from the private sector. It is administered through the Ministry of Research, Science and Technology.

“Franceska has been closely involved in designing and implementing VIF to this stage. With her drive and enthusiasm for the Fund's objectives, she is well placed to keep up the momentum and support the Board in making this exciting initiative happen,” Mr Grant said.

Contact for further information:
Piet de Jong
Communications Manager
Ministry of Research, Science and Technology
Phone 04 471 6923 and 021-680-435.

The website of the Venture Investment Fund is http://www.nzvif.com/

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