Punakaiki Fund Limited

Punakaiki Fund Limited

Venture Capital

Register Interest
Transaction Size
NZD 14,250,000.00
Share Price
NZD 28.50
Minimum Investment
NZD 2,850.00
Issue Type
Venture Capital

The opportunity exists to invest in Punakaiki Fund Limited (“Punakaiki Fund”). This is an offer of ordinary shares (“Shares”). Shares give you a stake in the ownership of Punakaiki.

Punakaiki Fund is a venture capital investment company with total assets of $78 million. Punakaiki Fund is managed by 2040 Ventures Limited (“2040 Ventures”), previously knownas LWCM Limited. The company raises funds to make long-term investments into high-growth, revenue-generating New Zealand technology companies. Punakaiki Fund generates returns through changes in the fair value of investments, including from cash or shares received from the sale of investment assets, as well as any dividends received from investments, all net of any accrued Performance Fees.

Punakaiki Fund has material investments in technology companies Devoli, Quantifi Photonics, Onceit and Mobi, along with eleven other Core Portfolio Companies. Punakaiki Fund sold (“exited”) its investments in Vend and Timely in 2021, and has realised total proceeds to date of $14.5 million, with another estimated $0.7 million yet to be received. In FY2021 Punakaiki Fund returned a net profit after tax of $9.7 million, with $1.4 million of negative operating cash flows.

Purpose of this offer Punakaiki Fund is raising new capital via this Offer to make further venture capital investments into existing Core Portfolio Companies and new technology businesses. It is unlikely that we will need to allocate any funds from this Offer to meeting the operating costs of Punakaiki Fund for the next twelve months, as we have sufficient cash assets and anticipated cash flows to meet these costs. We do, however, intend to make investments during the period of the offer.

Key terms of the offer

  • Securities Ordinary Shares Offer Price $28.50 per Share*
  • PDS Lodged 8 November 2021
  • Offer Opens 16 November 2021
  • Offer Closes 9 December 2021
  • Allotment Date 14 December 2021
  • Minimum Application 100 Shares
  • Maximum Application 200,000 Shares
  • Minimum Shares offered 10,000 Shares (0.4% of the total Shares on issue following this
  • Offer)
  • Maximum Shares offered 500,000 Shares (16.9% of the total Shares on issue following
  • this Offer)
  • Current Shares on issue 2,451,672 Shares

To view a short version of the 2021 Retail Offer launche click here.

Please click on to the Documents Tab and read the Product Disclosure Statement for complete information. If you would like to invest, or simply to ask questions, then press the Register Interest button.

November 22, 2021

Punakaiki Fund Limited

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