NZVIF commits NZ$20m to Endeavour Capital(2)

The government-backed fund of funds investor has supported the Endeavour Growth Fund, which will raise up to NZ$420m for investments in tech companies.

The New Zealand Venture Investment Fund (NZVIF), a government-sponsored fund of funds manager focused on venture capital funds and co-investments, has committed NZ$20 million ($10 million; €8 million) to the Endeavour Growth Fund.

The Endeavour Growth Fund is managed by Endeavour Capital, a science and technology-focused private equity firm that makes venture and early expansion capital investments.

The firm seeks to raise between NZ$100 million and NZ$150 million from institutional investors in New Zealand. It also aims to raise another $270 million from overseas investors.

The capital raised from overseas investors will be focused on investments in businesses outside New Zealand, primarily in the Asia Pacific region. Within New Zealand, the fund will invest in technology companies in sectors such as cleantech, biotechnology, software and life sciences, the firm said in a statement.

Endeavour Capital started fundraising in August 2008. In November, Neville Jordan, the firm’s chairman, said in an interview that the fund is expected to see a final close in the third quarter of 2009.

The firm’s two previous funds are both fully invested. These include Endeavour Capital, which raised an undisclosed amount, and Endeavour i-cap, which raised $40 million and is invested in 11 transactions.

Established in 1999, Endeavour Capital has offices in Auckland, Christchurch and Wellington.

NZVIF manages funds of NZ$200 million across a NZ$160 million venture capital-focused fund of funds and a NZ$40 million seed co-investment fund. It was established by the New Zealand government in 2002.