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Nextventures Ltd, recently launched its new venture capital fund, Nextventures Fund One by opening the new fund for subscriptions through private placements. Lal Nanayakkara, Chairman of Nextventures Ltd. presented the Information Memorandum of the new venture capital fund to Minister of Finance, K. N. Choksy at a presentation recently at the Ministry of Finance.

Charitha Ratwatte, Secretary to the Ministry of Finance and Nissanka Weerasekera, Managing Director/CEO of Nextventures Ltd, and senior staff of the company were present.

Nextventures Fund One is the first private sector response to two important recent initiatives by the Government. The first was the announcement in the last budget of an attractive package of fiscal incentives for investors in new venture capital funds.

The second was the launching of the "e-Lanka Program" to use Information and Communication Technologies (ICT) as a key lever for economic development of the country.

The PVIC Fund whose investors are the People's Bank and the National Insurance Corporation has made successful investments in many leading ICT firms in the country such as Millennium Information Technologies and Interblocks. Nextventures Ltd. is the fund manager of the PVIC Fund.

"The government could not have selected a better time to introduce incentives to the venture capital industry as well as to the ICT sector in Sri Lanka," said Weerasekera and added that "we are proud to be the first venture capital company to respond to the initiatives of the government and lead the way".

Nextventures Ltd. plans to raise Rs. 300 million for Nextventures Fund One from individual and institutional investors and hopes to have the new fund fully operational by June this year.

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