Punakaiki Fund invests into early and growth stage New Zealand-based technology, Internet and design-led businesses. Our philosophy is to invest early, reinvest where merited and hold as a long-term investor. We hold assets of $18.4 million (June 2016).

We seek to make investments in companies that:

September 2016 roadshow

We are presenting the fund and answering questions during the last week of September. All existing and potential investors are invited, including media.

Monday 26: Taranaki – get in touch with chris@lwcm.co.nz

Tuesday 27th: Wellington. 5:30pm at the Z Shed, 3 Queens Wharf

Wednesday 28th: Nelson – get in touch with lance@lwcm.co.nz

Thursday 29th: Christchurch – 5:30pm EPIC, 76/106 Manchester St.

Friday 30th: Dunedin – 4:30 pm, top floor John Wycliffe House, 265 Princes St.

Offer to retail investors

(27 sept, 2016)

Punakaiki Fund Limited is investigating making an offer to retail investors in New Zealand, through a Product Disclosure Statement (PDS), which is the prescribed approach under the Financial Markets Conduct Act of 2013.

We have not published the PDS, and are still in the process of drafting it and getting internal approvals.

We submitted a version of the PDS to the FMA (Financial Markets Authority) under their pre-review program, and have received comments and are making changes. This proactive service from the FMA makes things a lot easier than the previous approach to public offers. The FMA only comments about whether a PDS complies with the relevant legislation, which is mainly about making sure the PDS written in the right way and the offer details appropriately disclosed. The major feedback result is that we are having to redo our FY2016 year end accounts to “Tier 1” status, which is the appropriate status for companies that offer securities to the public. We should have picked up on this earlier, and while our advisers (Deloitte and Ernst Young) believe the change is small, it does create a small delay.

If you are interested in reading the PDS, when it arrives, then please sign up to the mailing list below. If the sign-up form does not work, which is has not for some people, then just email lance@lwcm.co.nz and ask to be added to the list.

Obviously signing up to an email list is not a commitment, and we are not yet raising money, and nor can you apply for shares yet.

History

We launched in April 2014 by raising funds from private investors, and have progressively raised more funds from private and public investors, including 84% from wholesale investors and the remaining $2 million from the public.

We have investments with eighteen companies, including Vibe Communications, Vend, Timely, Melon Health, Boardingware, Raygun and more. The eighteen companies have aggregate annualised revenue of around $65 million (quarter ending June 2016), and show year on year revenue growth of 65%, when weighted by our equity shareholding. Nine of the companies have annualised revenues over $1,000,000, and four over $10 million (Quarter ending June 2016).

Our last funding offer ended in January 2016, and was to Exempt Investors only. You can view our now expired Dec15 Information Memorandum and Dec15 Application Form for a good idea of who we are, how we think and the investments we made until that date.

Our approach to investment is outlined in the Statement of Investment Priorities and Objectives and the Investment Guidance papers.

We intend to continue to grow the fund, both through observing the growth in value of the companies we have invested into, and through further offers to wholesale and retail investors. We price each offer based on the underlying Net Asset Value at the time of the investment, so the earlier investors are far more likely to pay a lower price per share.

Our next offer is expected to be in September 2016.

Join our mailing list to stay up to date about any future offers.

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What is an Eligible Investor?

Occasionally Punakaiki Fund will present offers to Eligible Investors, defined as those who are not members of the public under the Financial Markets Conduct Act 2013.

The criteria for being an Eligible Investor include:

  • Investment businesses as described in the Act, e.g. entities whose principal business is investing in financial products or providing a financial adviser services (Clause 3(2)(a) of Schedule 1 of the Act)
  • Meeting the investment activity criteria specified in the Act, e.g. owning a portfolio of specified financial products worth at least NZ$1,000,000 within the previous two years (Clause 3(2)(b) of Schedule 1 of the Act)
  • An annual turnover of more than NZ$5,000,000 or assets of more than NZ$5,000,000 over two financial years (Clause 3(2)(c) of Schedule 1 of the Act)
  • Previous experience in acquiring or disposing of financial products that allows the investor to assess the merits of the Offer (including assessing the value and the risks of the Offer, information needs in relation to the Offer and the adequacy of the information provided) (Clause 3(3)(a) of Schedule 1 of the Act)
  • Those making an investment of at least $750,000 (Clause 3(3)(b) of Schedule 1 of the Act)
  • Relatives or close business associates of Punakaiki Fund or its directors (Clauses 4, 5 of Schedule 1 of the Act)

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