Pencarrow Fund adds capital for growth businesses

Published: Mon 18 Mar 2013 11:05 AM
Pencarrow Fund adds capital for growth businesses
Pencarrow Private Equity has raised a $124 million fund – its fourth and largest fund – to invest into privately owned New Zealand companies.
NZVCA Executive Director Colin McKinnon said “the announcement was welcome news for the private equity market. Pencarrow IV Fund adds $124 million to the pool of capital available to medium sized New Zealand companies looking to grow their business.
“Private equity is fuel for economic growth and innovation that helps to create jobs and employ Kiwis across the country. In New Zealand, for the period 1994 to 2012, $1.36 billion invested in New Zealand based firms returned $2.85 billion for investors, a 2.1 times cash multiple return that is comparable to the international experience.
The private equity industry has invested in over seven hundred New Zealand companies over the last 10 years.
“Pencarrow IV Fund investors, including New Zealand Superannuation Fund, will gain access to management buyouts, succession deals and expansion capital opportunities among privately held companies in the mid-market segment in New Zealand.
McKinnon said that “Pencarrow Private Equity is long-established private equity manager and a Founding Partner of NZVCA.”

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