Thursday 19th May 2016
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Former investment banker and technology company executive Richard Dellabarca has been appointed the new chief executive of the government-backed New Zealand Venture Investment Fund.
Out-going chief executive Franceska Banga announced she was stepping down in September last year, having held the role since its establishment in 2001.
The 13-year-old NZVIF’s future remains in doubt with the government undertaking a review due to be completed this year. Any Crown funding exit is likely to be in 2018 or 2019 though Banga said the fund is unlikely to become self-sustaining until 2025. The next two to three years are critical for seeing whether it achieves the level of cash returns from exiting mature investments that would allow self-funding, she said.
Since its establishment, NZVIF has invested $162 million in 213 companies, alongside private investment of $1.9 billion, and has invested in eight listed companies, including Orion Health Group and Xero.
NZVIF chairman Murray Gribben said Dellabarca "brings a wide range of capital markets and technology company experience" to the role.
“As NZVIF looks to transition to a self-sustaining commercial model, Richard’s private sector experience and extensive international networks could help to bring external capital to partner with NZVIF’s existing capital base for investment in New Zealand growth opportunities," Gribben said.
“He has extensive investment banking experience, working in both New Zealand and Australia in mergers and acquisitions and equity capital markets. He also serves on the boards of Kea New Zealand and the New Zealand Rugby Union, and has just been appointed to the New Zealand Post board. He has an MBA from Cambridge University and is qualified as a barrister and solicitor, and chartered accountant.”
Dellabarca will take over the role on May 30.
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