Chief of government-backed investor picking firms to grow.
New Zealand Venture Investment Fund chief executive Franceska Banga says the government-backed investor is performing well as it puts out its first report since being founded in 2002.
The report covered the two funds NZVIF runs - the $260 million Venture Capital Fund and the $40 million Seed Co Investment Fund and showed both funds were seeing positive results.
Of the 89 companies that have passed through the Venture Capital Fund, 23 exited the programme, with 66 remaining. The Venture Capital portfolio was valued as of June 2013 at $133 million (before buy-out adjustment) compared to a $120 million investment. The seed fund had a portfolio valuation of $30.2 million, compared to $29.7 million invested.
"The VC fund is tracking well, and for the seed fund we're holding it at value effectively, which is positive when you think that about 25 per cent of the portfolio has already been written off and yet it's still positive. There have been some early successes, so a very good progression in that portfolio," Banga said.