Fund Announces Second Commitment To Equity
4 October 2005
New Zealand Superannuation Fund Announces Second Commitment To Nz Private Equity
The New Zealand Superannuation Fund (NZSF) today advised that it has made a $20 million commitment to the Direct Capital Partners (DCP) III fund. The DCP III fund is managed by Auckland based Direct Capital Management Limited and plans to make investments of between $5 million and $20 million in suitable businesses in both New Zealand and Australia.
This commitment is the second allocation made by the NZSF to the domestic private equity market. It follows a commitment of $23.75 million to the AMP Pencarrow Private Equity fund in June 2005.
In March 2005, the NZSF stated its intention to invest up to $100 million in local private equity funds, or related transactions, over the next three to five years. At that time it also announced the appointment of specialist Sydney-based advisory firm, Quentin Ayers, to review investment opportunities in the New Zealand private equity market. The DCP III fund has been reviewed by Quentin Ayers on behalf of the NZSF.
The value of the New Zealand Superannuation Fund as at 31 August 2005 was $7.2 billion.