A venture capital investment fund supported by the New Zealand Venture Investment Fund (NZVIF) and Taiwan’s National Development Fund has secured US$75 million at its first closing, according to an announcement made by NZVIF.
The fund, named GRC SinoGreen Fund III, received US$20 million from NZVIF. In return, the fund has to invest at least US$35 million into New Zealand-originated technology companies.
Taiwan’s National Development Fund also contributed US$20 million to the fund.
The fund will continue to raise capital towards a final target of over US$100 million.
The venture vehicle will invest in the energy and resource efficiency, energy storage, agriculture technologies, medical devices, data analytics and cloud computing, new materials sectors in Asia Pacific.
The fund is managed GRC Managers, formerly Pan Pacific Capital, a venture firm backed by NZVIF.
"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," says NZVIF CEO, Franceska Banga.
"With GRC Managers’ experienced team based in Auckland, Taipei and Beijing, the fund is well positioned to invest into companies with technologies originated from New Zealand, and then foster their growth in China with technical collaboration from Taiwan," he adds.