NZVIF Calls for More Venture Capital Fund Managers

Media Release – June 2007

NZVIF Calls for More Venture Capital Fund Managers

The New Zealand Venture Investment Fund (VIF) today called for Expressions of Interest from suitably qualified venture capital fund managers or firms to establish and manage a VIF Venture Capital Fund under the VIF Venture Capital Programme.

This Expression of Interest Period closes at Midday on Friday 13 July 2007.

Chief Executive Franceska Banga said, “We are looking for Fund Managers with appropriate venture capital investment experience together with knowledge of the New Zealand market investment opportunities and strong international venture capital links”.

The $160m VIF Venture Capital Programme, established in 2002, invests into innovative New Zealand companies, with the goal of building a sustainable New Zealand venture capital investment industry. Six venture capital funds have been established under the VIF Programme so far. These funds provide innovative, high growth potential kiwi companies with capital and expertise needed to succeed. To date $128 million has been invested through the VIF Venture Capital Programme, into 37 companies.

Banga added, “We hope to invest in three or more new VIF Venture Capital Funds in this new round, focusing on New Zealand venture capital investment opportunities. The new Fund(s) could be part of an existing or new Fund that has a wider investment mandate”.

VIF will commit capital for investment in the selected VIF Venture Capital Fund(s), alongside private investors secured by the Fund Manager, on a pre-determined investment ratio. An option is available for the private investors to buy-out VIF’s share in the VIF Venture Capital Fund(s) up to end of year five of the fund life, on attractive terms. VIF has up to NZ$65 million available for investment in this new investment round and can invest up to $25 million into an individual VIF Venture Capital Fund.

For full details on the VIF Programme, and to download the Expression of Interest Documents and Guidelines, please refer to the VIF website www.nzvif.co.nz.

Expression of Interest Documents and Guidelines can also be obtained from the VIF office by telephoning 09 921 9528 or by email to venture[at]nzvif.co.nz.

To find out more about investing in New Zealand, please refer to www.investnewzealand.co.nz.

ENDS

www.nzvif.co.nz

© Scoop Media