New Zealand Venture Investment Fund, which is backed by the New Zealand government, and Taiwan’s National Development Fund, have raised $75 million in the initial close of its co-fund GRC SinoGreen Fund III.
The target is more than $100 million.
The fund will back tech-centric private firms in New Zealand that can expand into the Greater China market. NZVIF has committed $20 million to the fund while Taiwan’s National Development Fund has also contributed $20 million.
On the fund, NZVIF chief executive Franceska Banga said in a statement: “With its solid interest in New Zealand originating companies, this will be an important fund for the growth stage investment sector. GRC Managers has strong networks and access in the technology sectors including a direct relationship with Industrial Technology Research Institute in Hsinchu, which has played a major role in the development of Taiwan’s hi-tech sector, and research facilities in China.”
GRC Managers (formerly known as Pan Pacific Capital), a venture firm backed by NZVIF, is managing the fund.
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