We’re pleased to report that at the end of last year we were successful in raising an additional NZ$7 million for Fund 3. This takes the overall fund size from NZ$31 million to NZ$38 million. This is an excellent result, and provides us with the headroom to consider an additional investment in the portfolio as well as raising the maximum amount that we can allocate to any one deal.
The make-up of this additional investment is significant as it includes two US based expat kiwis who remain active in their respective industries, a number of local private investors active in the early stage eco-system and professional investment group Rangatira Limited.
Rangatira’s investment commitment is strategic and a material contribution to the Fund. Rangatira is an experienced Wellington based private investor with assets of over NZ$150 million. Established in 1937, Rangatira has pursued a policy of private equity investment in small to medium-sized New Zealand companies, complemented by holdings in a range of publicly listed New Zealand and Australian companies. The Rangatira board and management team bring significant complimentary skills to the MOVAC team.
The information in this article was current at 27 Mar 2012