Movac fund gets $20 mln from NZVIF as govt mulls its future backing

Wellington fund manager Movac has secured a cornerstone commitment of up to $20 million from the government-backed New Zealand Venture Investment Fund for its new capital growth fund, which aims to raise between $80 to $100 million from Kiwi investors.

Movac’s previous funds have invested in some well-known and promising local companies such as Trade Me, Green Button, PowerbyProxi, and Aroa Biosurgery.

It’s the second time NZVIF has invested into one of Movac’s funds, having previously invested around $14 million so far of a $16.5 million commitment to the manager’s third fund.

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