Government-backed New Zealand Venture Investment Fund (NZVIF) has held a first close of $75m for its $100m-targeting GRC SinoGreen Fund III.
NZVIF has committed $20m to the vehicle, which is also backed by Taiwan’s National Development Fund.
At least $35m will be invested in New Zealand-based technology companies.
The fund is managed by venture capitalists including Ben Bishop and his colleagues at the Auckland branch of GRC Managers, formerly known as Pan Pacific Capital.
NZVIF CEO Franceska Banga said, “With its solid interest in New Zealand originating companies, this will be an important fund for the growth stage investment sector.
“GRC Managers has strong networks and access in the technology sectors including a direct relationship with Industrial Technology Research Institute in Hsinchu, which has played a major role in the development of Taiwan’s hi-tech sector, and research facilities in China.
“From a New Zealand perspective, one of the chief benefits of the partnership NZVIF has with Taiwan’s National Development Fund is that it opens access to new networks and markets for fund managers and the high growth companies they invest in.
“We hope to see more partnership-style funds emerge over the next few years.”
Last year NZVIF said it expected to commit to two to three new venture capital funds over the next few years.
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