NZVIF, Taiwan NDF reach $75m first close on VC fund

The fund - known as GRC Sino Green Fund III - is managed by GRC Managers, formerly Pan Pacific Capital, and is targeting a corpus of $100 million. NZVIF has committed $20 million to the fund. Under the terms of the commitment at least $35 million will be invested in New Zealand-based companies.

NZVIF and NDF formed their co-investment partnership in October 2012 with the aim of committing up to $200 million into venture capital funds in the two nations. The pair pledged to commit up to $25 million each to the new vehicles, which will be required to raise 40% of their total capital from private sources.

The GRC fund will target sectors spanning energy and resource efficiency, energy storage, agriculture technologies, medical devices, data analytics and cloud computing, new materials, and other sectors related to climate change mitigation.

"If the fund reaches its $100 million target it will be one of the larger venture capital funds supported by NZVIF," said Franceska Banga, CEO of NZVIF, in a statement. "That gives it the capacity to make the larger investments which are needed for growing companies looking at offshore expansion."

She added that GRC Managers - which has offices in Auckland, Taipei and Beijing - has strong networks and access in the technology sector, including a direct relationship with the Industrial Technology Research Institute in Hsinchu.

"Our investment targets are technology-centric private companies with unique strength and substantial growth opportunities, including New Zealand originated technology companies which will benefit from the growing markets in China," said Tony Bishop, managing partner with GRC in Auckland. "We have a number of investments under consideration, and there is a strong pipeline of companies.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Fundraising
• Australasia
• Early-stage
• Technology
• Fundraising
• Venture
• New Zealand Venture Investment Fund
• Taiwan (China)
• New Zealand
• Technology