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Venture Capital Fund Act 2019

Investment of VCF

25: VCF investment vehicles

You could also call this:

"What is a VCF investment vehicle in the Venture Capital Fund Act 2019?"

Illustration for Venture Capital Fund Act 2019

You can put all or some of the investments of the Venture Capital Fund in an entity that the Guardians form or control. This entity is called a VCF investment vehicle. It is used to hold or manage the investments of the Venture Capital Fund. You should know that a VCF investment vehicle is not a Crown entity subsidiary for the purposes of section 7(1)(c) of the Crown Entities Act 2004. If you have an interest in a VCF investment vehicle, it is part of the Venture Capital Fund. The Official Information Act 1982 and the Ombudsmen Act 1975 do not apply to VCF investment vehicles. The Guardians control an entity if they own it, control its board, or control it in another way as defined by the Financial Reporting Act 2013 or the Companies Act 1993.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS227094.

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"The Minister can't tell the Venture Capital Fund what to invest in."

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"VCF investment vehicles do not need to prepare financial statements or annual reports."

25VCF investment vehicles

  1. All or any of the investments of the VCF may be held in an entity that is formed or controlled by the Guardians for the purpose of holding, facilitating, or managing the investments of the VCF (a VCF investment vehicle).

  2. A VCF investment vehicle is not a Crown entity subsidiary for the purposes of section 7(1)(c) of the Crown Entities Act 2004.

  3. Interests in VCF investment vehicles are VCF investments and part of the VCF.

  4. To avoid doubt, the Official Information Act 1982 and the Ombudsmen Act 1975 do not apply to VCF investment vehicles, but the Official Information Act 1982 applies to the Guardians in respect of information held by the Guardians about VCF investment vehicles.

  5. Subsection (1) applies despite anything to the contrary in the Crown Entities Act 2004, this Act, or any other enactment.

  6. For the purposes of this Act, an entity is controlled by the Guardians if—

  7. the entity is a subsidiary of the Guardians; or
    1. the Guardians control the entity within the meaning of any relevant financial reporting standard (within the meaning of section 5 of the Financial Reporting Act 2013); or
      1. the Guardians can control directly or indirectly the composition of the board of the entity within the meaning of sections 7 and 8 of the Companies Act 1993 (which, for the purposes of this paragraph, are to be read with all necessary modifications).

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