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First Private Capital Offering Attracts $19.5M



New Zealand investors have committed $19.5 million to be invested in the country's first public offering in private capital.

The three month AMP Private Capital public offer closed to retail investors on Friday 17 March with committed funds of $19.5 million. The offer was extended by three weeks to close on 17 March after AMP's adviser network reported strong interest in February.

"We're delighted at the response to the offer," said Martin Turner, head of private capital for AMP Asset Management (AMPAM).

"While we were hoping to attract up to $25 million, it's important to remember that this asset class is new to the New Zealand market and with a minimum investment of $30,000, this wasn't for everyone."

"In addition to this, feedback from advisers and brokers has suggested that there may be sufficient demand to consider a second private capital retail tranche as more New Zealand investors become aware of the advantages of this asset class."

The funds raised in the offering will be invested alongside AMP Asset Management's own funds in a 10 year closed investment. The wholesale component of the offer will close on 17 April as scheduled. The monies raised will be invested in management buy- outs and expansion capital opportunities in private companies.

AMPAM commenced private capital operations in New Zealand a year ago. Since then they have invested over $80 million in eight successful transactions, the most recent being the management buy out/delisting of Donaghys Limited in January of this year.

These investments have made AMPAM New Zealand's largest private capital investment manager. Globally, AMPAM has been involved in private capital for over 35 years and currently manages NZ$8 billion committed to this asset class. It was also the recipient of the 1999/2000 IPAC Fund Manager of the Year Award.


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