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MOVAC VC fund targets growing NZ companies
Embargoed until 6pm, 13 July 2011
MOVAC VC fund
targets growing NZ companies
Wellington investment firm MOVAC has successfully raised a new $30 million growth capital fund to invest into young New Zealand companies poised for expansion.
The MOVAC 3 Fund is the first investment fund targeting young growth companies to be raised since 2007. The fund was seeded by MOVAC Partners - a group of ex-Trade Me shareholders - and the New Zealand Venture Investment Fund, which is committing between $10 million and $20 million, depending on the final level of private capital raised. Having completed its first close and launch, the Fund will be open to eligible investors until December 2011.
MOVAC managing partner Phil McCaw said that having successfully reached the first close of fund-raising, the fund will now begin actively assessing a significant back-log in investment proposals it has been receiving since signalling its intention to raise the new Fund earlier this year.
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