The law normally requires people who offer financial products to give information to investors before they invest. This information is designed to help investors make an informed decision.
If you are a wholesale investor under the definition of that term in clause 3 of Part 1 Schedule 1 of the Financial Markets Conduct Act 2013, the usual rules do not apply to offers of financial products made to you. As a result, you may not receive a complete and balanced set of information.
You will also have fewer other legal protections for these investments. Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.
The opportunity exists for wholesale investors to purchase up to 300,000 units in Origin Capital Fund 1 Limited Partnership.
The units have been progressively called and as at October 2022, 285,141 units had been called and paid in at a value of $1/unit. The purchaser will be responsible for payment of the remaining units (14,859) at a price of $1/unit when they are called.
Origin Capital Fund 1 was New Zealand's first private equity fund dedicated to investing in the New Zealand kiwifruit sector. In June 2021, the Fund achieved its final close, with $85m raised from wholesale investors wanting exposure to the sector.
Since then, the Fund has invested in nine quality SunGold orchards at varying stages of maturity located across Bay of Plenty, Gisborne and Kerikeri - comprising 102 canopy hectares.
The Fund is managed by Origin Capital Partners Management Limited, a specialist funds management company based out of Tauranga, Bay of Plenty. The directors have extensive industry and governance experience and have interests independent of the Fund across the entire kiwifruit supply chain including; post-harvest, orchard ownership and Zespri.
Investment in Origin Capital Fund 1 represents an opportunity to purchase an interest in an established, large and diverse portfolio of SunGold orchards.
The recent Gisborne flooding may have had a negative impact on the value of the Fund’s Gisborne orchards. Two of the Fund’s five Gisborne orchards have suffered damage as a result of the flood. It is too early to quantify the financial impact of the damage, however the damage may have an adverse impact on orchard values and the amount of crop that is able to be harvested for the 2023 season. Specifically, the November 2022 Quarterly Report, and valuation information in that report, must be read subject to this subsequent information.
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