The reconstituted Venture Capital Association has set what it calls a pragmatic action plan for next year, including developing a solid profile of the industry and its performance statistics.
The association is also keen to develop a close relationship with established counterpart the Australian Venture Capital Association.
Chairman PhilNorman, chief executive of listed "venture catalyst" Strathmore Group, said the association might also lobby the Government on legislative issues.
The group's annual meeting in October had attracted between 50 and 100 people, although it was early days in terms of membership numbers.
Membership was being organised in three tiers: full members (paying about $2500 a year and expected to be organisations fully involved in private equity or institutions investing in private equity); associate members (paying about $1250 a year and expected to be service providers such as legal and accounting firms and Government bodies); and individuals (paying about $200 a year).
The association's definition of venture capital included all stages of private equity investment, said Mr Norman. It was important to be inclusive rather than exclusive.
Much of its impetus came from the Government's Knowledge Wave conference this year.
The Government had shown its support, especially after finding while setting up the framework for the Venture Investment Fund that there was no one industry body it could consult.
New Zealand has the fourth-lowest level of venture capital of the 24 countries included in the Global Entrepreneurship Monitor (GEM) report - 0.7 per cent of annual economic output compared with 1.2 per cent in Australia, more than 10 per cent in the United States and 12 per cent in Israel.
The New Zealand figures are based on the 14 New Zealand venture capital companies that belong to the Australian Venture Capital Association. They had $794 million among them at the end of last year.
Ross George, of Auckland's Direct Capital Private Equity, says 40 companies are active in the New Zealand venture capital industry, with investments totalling $1.3 billion and a further $1.7 billion available. The amount invested represents 1.2 per cent of national income.
Venture capital has been growing dramatically abroad. Last year's GEM survey listed Australia's venture capital at 0.7 per cent, the US at 5.3 per cent and Israel at 4.3 per cent.
