The NZVIF programme was set-up to catalyse a venture capital industry in New Zealand. It’s had some successes and had some misses. Is the next phase of development for the industry going to be to leverage this public asset to support the creation of one big fund? Is such an intervention needed? Who’s going to manage it?
The government has made it clear that it is not going to continue with NZVIF as we knew it and has asked NZVIF management for options for how it might exit direct management of the asset. We don’t know what is being proposed but one of the options, that appears to be under consideration, is leveraging the VIF asset as a cornerstone investor in the creation a new $300M fund. Such a fund, we presume, would need to be supported by capital raised from other private, institutional or corporate sources.
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