Richard Dellabarca, chief executive of a Government backed venture capital company has resigned.

Dellabarca has been chief executive of New Zealand Growth Capital Partners, previously known as the Venture Investment Fund, since 2016.

A spokesman for the fund confirmed that Dellabarca was "stepping down ... in order to return to private sector roles" without giving details.

In December 2019, the Government effectively invested $260 million of new capital into the fund, having directed the New Zealand Super Fund to "oversee and monitor performance".

Advertisement

Earlier this year the board of the fund confirmed it had ordered an independent investigation after a complaint against one of its staff, conducted by employment lawyer Rob Towner.

The investigation did not uphold the complaint, chairman Murray Gribben later confirmed. He did not confirm who the staff member was.

Gribben has not yet responded to requests for comment on the departure.

Economic Development Minister Phil Twyford confirmed he had been informed of Dellabarca's resignation but declined to comment "as this is an employment matter".

Assuming Dellabarca is the highest paid staff member of NZ Growth Capital Partners, he was paid between $520,000 and $529,999 in 2019, according to the fund's annual report.

He currently sits on the boards of Kea NZ, the NZ Rugby Union, Harmoney and the Blues and is a member of the Institute of Directors New Zealand.

According to a profile on NZ Growth Capital Partner's website, Dellabarca had worked in venture capital and private equity in Europe, Asia and North America.

Subscribe to Premium