President Alvi: SECP is Launching RS 1 bn Venture Capital Fund
Lahore: In yet another embarrassing gaffe for the government and the first for the head of state, President Arif Alvi stated that the Securities and Exchange Commission of Pakistan (SECP) was establishing a Rs 1 billion venture capital fund to invest in and support Pakistan’s startup companies, while the SECP denied that it could launch any venture capital fund due to its regulatory role.
At a virtual conference created to showcase Pakistan’s startups to a worldwide audience, the president stated that Pakistan was the fifth most populous country in the world with a massive youth bulge, the majority of whom spoke English.
“At the same time, a Rs1 billion venture capital fund is being established so that businesses can launch themselves into the market,” the president stated, without elaborating on whether the second fund was also being established by the SECP, another government agency, or was a private enterprise.
The SECP denied establishing or preparing to establish a venture capital fund to invest in businesses. “As a regulator, the SECP cannot create its own fund,” a representative for the SECP explained to this reporter.
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