NZ venture firm GD1 raises $89.6m for third fund, targets $110m corpus dealstreetasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealstreetasia.com Daily Mail and Mail on Sunday newspapers.
A spokesperson confirmed Richard Dellabarca had left the Crown-owned fund manager.
New Zealand Growth Capital Partners chief executive Richard Dellabarca has stepped down from his role at the government-owned venture fund manager.
A spokesperson for the company, formerly known as the New Zealand Venture Investment Fund, confirmed Dellabarca had resigned after more than four years in the role.
Dellabarca and chairman Murray Gribben couldn’t be reached for comment.
NZGCP manages the Aspire NZ Seed Fund and the Elevate NZ Venture Fund.
Elevate was launched in March this year with a $300 million pot and an aim to address a gap in series A and B funding for early-stage, high-growth New Zealand startups.
Technology: Missteps, own-goals dog NZ Capital Growth Partners, but things are looking up.
The ghosts of its lacklustre New Zealand Venture Investment Fund past continue to haunt the relaunched NZ Growth Capital Partners.
When all of its attention should be on deals and partnerships to encourage greatly increased local venture capital investment, the organisation continues to slam the ball into the back of its own net.
NZGCP’s leadership was forced to defend a series of irregularities and failings in its accounts and governance during its annual review before Parliament’s Economic Development, Science and Innovation Committee in February.
These included inadequate documentation and approval of “sensitive” expense claims, the full pay-out of available bonuses
Government venture outfit struggles to shed its past, keeps scoring own goals nbr.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbr.co.nz Daily Mail and Mail on Sunday newspapers.