Facebook billionaire Thiel chips $15m into $40m NZ fund
Peter Thiel - already an investor in Xero and Pacific Fibre - joins the Valar Ventures Fund along with government-backed NZVIF and Rangatira.
Melody Brandon
Thu, 22 Mar 2012
US investor Peter Thiel’s interest in investment opportunities in New Zealand’s technology companies is a positive sign of confidence in the country’s innovation and entrepreneurship, economic development minister, Steven Joyce says.
Mr Thiel, a renowned US investor who co-founded Paypal and made more than $1 billion through his early investment in Facebook, has established a New Zealand venture capital fund with the New Zealand Venture Investment Fund and private investors.
The Valar Ventures Fund is a $40 million fund made up of $20 million from the government-backed NZVIF, $15 million from Peter Thiel and $5 million from other New Zealand investors, including Wellington investment company Rangatira.
Mr Thiels is already an investor in New Zealand companies Xero and Pacific Fibre.
Clarium Capital, Mr Thiel’s San Francisco-based hedge fund, last year indicated it would invest more heavily in tech companies and private equity after shedding some 90 percent of its assets from a peak above US$7 billion in mid-2008 when it made losing bets on oil prices, currencies and stocks, Bloomberg reported.
Melody Brandon
Thu, 22 Mar 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
