Local fund managers test venture capital waters

Venture capital is at least on the agenda of New Zealand's mainstream fund managers and some have gone much further than that.Milford Asset Management calls its efforts "private equity" but its investments, initially through its Active Growth Fund and now through its $150 million Milford Private Equity Fund II, do fit squarely within the $2-20 million range that many regard as a funding gap for new ventures in New Zealand.Associate Finance Minister David Parker has said the government's $300 million Venture Capital Fund Bill will address that p...