The New Zealand Venture Investment Fund, the Crown-funded start-up investor, has broken even or made money on 21 percent of its exited investments, which it says is in line with early-stage investment expectations.
The fund manager has exited 62 investments since its establishment in 2002, of which 13 have been at a valuation multiple of 1 or more, it said in a report released today.
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Of those, four have been at valuation multiples of 3 times or more. NZVIF's $40 million Seed Co-Investment Fund, which backs early-stage firms alongside angel investors, has broken even or made money on five exits out of 36, while the $260 million Venture Investment Fund, which invests in start-ups and young growth companies through privately managed venture capital funds, has eight successful exits out of 26.
"This is in line with early stage investment expectations, where most of a portfolio's value is derived from a handful of successful investments," chief executive Franceska Banga said in a statement.