Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Fund Announces First Commitment To Private Equity

21 June 2005

NEW ZEALAND SUPERANNUATION FUND ANNOUNCES ITS FIRST COMMITMENT TO PRIVATE EQUITY

The New Zealand Superannuation Fund today announced it has committed $23.75 million to the new AMP Pencarrow Private Equity Fund, its first private equity commitment since it began investing in September 2003.

The $75 million AMP Pencarrow Private Equity Fund will invest in local management buyouts and expansion capital transactions. Other investors include Australian fund of funds investor, Quay Partners, and AMP Life.

In March, the New Zealand Superannuation Fund stated its intention to invest up to $100 million in local private equity funds, or related transactions, over the next three to five years. It also announced the appointment of specialist advisory firm, Quentin Ayers, to review investment opportunities in the New Zealand private equity market.

"The decision to invest in the AMP Pencarrow Fund followed a detailed review by Quentin Ayers," said New Zealand Superannuation Fund chief executive Paul Costello. "The key factor was the manager's track record in this area, which gives us confidence in their future performance."

The AMP Pencarrow Fund aims to be fully invested within five years, with investment commencing in quarter two of 2005/2006.

The value of the New Zealand Superannuation Fund as at 31 May 2005 was $6.4 billion.

-Ends-

Notes for Editors:

About the New Zealand Superannuation Fund:

The New Zealand Superannuation Fund, which commenced investing at the end of September 2003, is designed to partially provide for the future cost of New Zealand superannuation. As at 31 May 2005 the value of the Fund was $6.4 billion. The Fund is expected to grow to around $100 billion by 2020. www.nzsuperfund.co.nz

About AMP Pencarrow Private Equity Fund:

Pencarrow Private Equity is a specialist private equity manager established in 1993. In 1998 AMP Capital and Pencarrow established a joint venture arrangement and since that time have invested $150 million in MBO and expansion capital transactions.

AMP Capital and Pencarrow have considerable experience in such transactions having previously invested in a diverse range of businesses including Hurricane Wire Products, Eskimo Logistics Group, Formway, Donaghys and Wellington Drive Technologies. More recently they partnered with Methven senior management in an MBO of the shower ware manufacturer and in late 2004 floated the company on the NZX.

AMP Capital is one of New Zealand's largest private equity investors. Over the last six years, in partnership with Pencarrow, they have made 20 private equity investments totaling $150 million in local companies. AMP Capital is New Zealand's largest fund manager, with assets of over $10 billion.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news