New Zealand Venture Investment Fund (VIF) is calling for proposals from experienced venture capital fund managers to establish and manage a new seed fund.
It will operate under the VIF "fund of funds" programme. VIF invests through individual investment funds, run by private sector fund managers appointed by the umbrella fund.
Seed funds running under the programme include iGlobe Treasury Management, TMT Ventures, No 8 Ventures, Endeavour iCap and BioPacificVentures. They cover general investments, information communication technology and biotechnology.
"VIF has $35 million available for investment and can invest up to $25 million into an individual VIF Seed Fund," chief executive Franceska Banga said.
The commitment is conditional on the successful fund manager raising at least $20 million from private co-investors for early stage high growth firms.
- NZPA
Wanted: New fund manager
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