A third party has signed on to manage the Government's $100 million venture capital fund.
The New Zealand Venture Investment Fund (VIF) has signed an agreement with TMT Ventures, a grouping of local and international investors, to manage $15 million of the fund.
TMT Ventures will also invest $30 million of its funds in fledgling New Zealand companies.
TMT Ventures is managed by Direct Capital and global giant Advent International. Investors include Telecom, Alcatel, Lucent and Marconi, as well as local and international institutions.
It primarily invests in innovative businesses operating in the technology, media, e-commerce and telecommunications sectors in New Zealand and Australia. VIF general manager Franceska Banga said Direct Capital was the largest venture capital investor in New Zealand.
TMT joins fellow fund managers No 8 Ventures and IO Fund in signing up to the Government fund. Two more, iGlobe Treasury Fund and Endeavour I-Cap, are finalising documentation.
- NZPA
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