Feds move to select recipients of VC funding

The federal government has launched two selection processes to determine which general partners will manage $250 million slated for venture capital funds of funds and which high-performing VC funds will receive an additional $50 million. The selection processes stem from a 2012 Budget announcement that the government would invest $400 million into the domestic VC sector to boost fundraising and historically low returns. An action plan announced early this year details how the investment would be allocated (R$, January 21/13). General partners have until June 3rd to submit expressions of interests which must include a commitment to contribute their own funds and secure other private sector investment. Another process will select three to five existing funds to share the $50 million, with a May 27th deadline for expressions of interest….