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Halo Fund to be redesigned
18 December 2009
Halo Fund to be redesigned
The
Halo Fund - a joint venture between seven angel investor
groups and the New Zealand Venture Investment Fund – is
being redesigned, having closed its fund-raising short of
its $5 million target.
Halo Investment Management
chairman John McDonald said the fund received strong
interest from investors but the investment climate meant it
received commitments of $2 million.
“The concept
was extremely well received, but unfortunately, in the
current environment, we were not able to translate that into
sufficient firm commitments to proceed with the
Fund.
“There was considerable interest from
investors in gaining access to the companies in the angel
and venture capital pipeline. We will look at some
redesign of the fund and then consider re-launching it,
possibly next year, when investment conditions
improve.
The Halo Fund was aimed at investors
interested in partnering with New Zealand’s most
experienced angel investors to invest in new technology,
high growth companies in dynamic sectors.
It aimed
to invest into 30 plus companies over a two to three year
period at the seed and start-up phase in sectors like
software, bio-technology, and medical
diagnostics.
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