New $50 mln Nova Scotia venture fund launched by private investors

Nova Scotia Premier Stephen McNeil has announced that a group of private investors have plans to launch a new venture capital fund based in Nova Scotia. The fund, which will be capitalized at $50 million, is being initiated by Victor Chu, chairman of First Eastern Investment Group, a private equity and venture capital firm with headquarters in Hong Kong. Premier McNeil said a key focus of the fund will be to create new opportunities for Nova Scotia small businesses in China. The announcement follows last November’s launch of a new $15 million venture capital fund in Newfoundland and Labrador.

PRESS RELEASE

Private Venture Capital Fund to be Established

A new $50-million private venture capital fund is being established in Nova Scotia.

January 27, 2015

“I am very pleased to announce that private investors, led by international business leader Victor Chu, are creating a venture capital fund in Nova Scotia,” said Premier Stephen McNeil. “This will provide one more source of capital for Nova Scotia business people to develop their products and grow our economy.”

Premier McNeil met with Mr. Chu during his mission to China in September, where he also spoke at the World Economic Forum. Plans to establish the fund were confirmed during a meeting in London on Sunday.

“I am delighted to launch this investment and partnership initiative to support small and medium-sized enterprises (SMEs) in Nova Scotia to expand their businesses into the vast Asian markets,” said Mr. Chu. “We have a wonderful track record in helping European SMEs to grow into Asia, and I am sure we will achieve similar ‘win-win’ successes with companies from Nova Scotia.”

Mr. Chu is chairman of First Eastern Investment Group, a leading Hong Kong-based direct-investment firm and a pioneer of private equity investments in China. He is also a member of the Foundation Board of the World Economic Forum.

“In addition to the support that this fund will provide to businesses in Nova Scotia, it is also another path for Nova Scotia companies into China. As Nova Scotia reaches to double its exports, and expand tourism, China is a critical current and future market,” said Premier McNeil.

Media Contacts: Laurel Munroe
Premier’s Office
Cell: 902-222-0473
E-mail: Laurel.Munroe@novascotia.ca

Joseph Lo
Brunswick Group Ltd.
Tel: +852 3512 5033
E-mail: JLO@brunswickgroup.com

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