TORONTO, ONTARIO--(Marketwire - Sept. 2, 2011) - Covington Capital Corporation and the VenGrowth Funds today announced the successful closing of the transaction by which Covington Fund II Inc. acquired the assets of New Generation Biotech (Equity) Fund Inc. ("NGBE") and The VenGrowth Investment Fund Inc., The VenGrowth II Investment Fund Inc., The VenGrowth III Investment Fund Inc., The VenGrowth Advanced Life Sciences Fund Inc., and The VenGrowth Traditional Industries Fund Inc. (collectively the "Funds").