Nova Scotia establishes $50 million private venture capital fund for businesses

HALIFAX – Small and medium-sized businesses in Nova Scotia will soon have access to a $50-million private venture capital fund.

Premier Stephen McNeil says the fund is to be created by private investors led by international businessman Victor Chu.

McNeil met with Chu during a business mission to China last September.

Chu is chairman of First Eastern Investment Group, a Hong Kong-based direct investment firm with private equity investments in China.

McNeil says in addition to the financial support the fund will provide another access point for Nova Scotia companies into China.