Oriens Capital Successfully Raises Second Fund - Seeks Over-subscriptions
Tauranga-based private equity investor Oriens Capital has successfully raised its second fund, after reaching its target of $80 million.
Oriens Fund 2 will invest equity capital into private New Zealand businesses of between $10 million and $50 million in value, drawing on the networks and investment pipeline that has been built by the Oriens Capital team over the last five years.
The fund is now seeking over subscriptions of up to $20 million to take the fund to $100 million. It will aim for a portfolio of six to nine investments. The fund is likely to remain open to Eligible and Wholesale investors until early July 2021.
“The section of the economy on which we focus offers excellent opportunities to invest in high quality ambitious businesses with strong domestic market positions and often untapped export opportunities,” says Peter Tinholt, Partner of Oriens Capital.
“We offer capital, networks and expertise and partner with business founders and owners in both expansion capital and succession capital transactions to help these companies achieve their potential.”
Oriens Capital was formed in 2016 and has successfully established itself as a leading private equity investor in mid-sized businesses, a section of the economy not served by most other New Zealand private equity funds.
Oriens raised $50.6 million for its first fund and has successfully deployed capital into six investments, including miniature apple business Rockit Global, the high flying ag-tech business Bluelab, and the market leading manufacturing business Rhino Manufacturing.
Earlier this year, the listed company Just Life Group (JLG.NZX) completed the purchase of About Health Supplements from the Oriens Fund 1.
Partner James Beale said he was proud of Oriens’ record of success and the contribution it is making to the New Zealand economy.
“Through Oriens Fund 1, in partnership with other shareholders, we have assisted in the creation of more than 120 jobs across our portfolio of companies and assisted in a more than tripling of export revenue and earnings across the portfolio. Capital deployed in our space can make a real difference and it is very satisfying to be helping these companies achieve their growth ambitions.”
Investors in Fund 2 include the specialist private equity investor Continuity Capital from Australia, many new community entities, charitable organisations and iwi investment entities joining alongside existing Fund 1 investors, most of which have followed on into Fund 2.
“We are also very grateful for the support of early Fund 1 investors Quayside Holdings, and more recently, Craigs Investment Partners,” Mr Beale said.
Following the successful capital raise for the new fund, Oriens will be increasing the size of its Tauranga-based investment team, from four to six.
About Oriens Capital:
Oriens Capital was founded in 2016 with a focus on investing in privately owned companies based in New Zealand, within an enterprise value range of $10 million to $50 million - a space in the market below larger private equity players.
Its three founding partners are James Beale, Peter Tinholt and David Bell. Its Investment Committee that includes Richard Hughes, Carolyn Steele, Bob Major and Neil Craig in addition to the founding partners.
The Advisory Committee for Fund 2, which represents investor interests, will be Chaired by experienced private equity director John McDonald.
Oriens other two Fund 1 investments are Retirement Income Group and IVS Holdings Limited.