Welcome to Punakaiki Fund (PFL), the beacon of venture capital in New Zealand, dedicated to transforming high-growth technology companies into global leaders. With a unique evergreen structure and a decade-long legacy of success, we invite you to explore an investment opportunity like no other.
Punakaiki Fund is one of only three venture capital firms that has been active for over 10 years in New Zealand. Co-Founders Lance Wiggs and Chris Humphreys met at Pacific Fibre, a company set up to build a US$300 million fibre optic cable between Australia, New Zealand and the United States. Once Pacific Fibre ceased operations, Lance approached Chris about establishing a new growth orientated investment company to help fund the under-capitalised NZ tech sector and help accelerate the transition to a value economy. The pair commenced working on what would become 2040 Ventures and Punakaiki Fund in late 2012.
Punakaiki Fund made its first investment in early 2014. Since then, we’ve made over 120 investments in more than 30 companies, have over $100 million in funds under management across two funds (climatevcfund is our sister fund), and have grown the team to 10 people.
Punakaiki Fund is an investment company owned by shareholders, and governed by a Board of Directors. Punakaiki Fund is managed by 2040 Ventures Limited, where the partners are Lance Wiggs, Chris Humphreys, Nadine Hill, Jez Weston, Rohan MacMahon, Tom Culley and Cormac McCullough.
You can read more information about Punakaiki Fund in our most recent Product Disclosure Statements, annual reports and other documents on our Key Documents page.
We are based across New Zealand, in Te Anau, Wellington and our main office is in Auckland. We have a diverse team and Board with considerable international, multi-industry experience.
Independent Chair
Scott joins Punakaiki Fund having a background in corporate finance law before gaining extensive executive and governance experience, including Chief Executive Officer of New Zealand Cricket and Board Chair of Generate KiwiSaver Funds Management.
His experience was gained across industries including funds management, financial services, private equity, telecoms/technology, infrastructure and sport, and in a variety of locations including New Zealand, the UK, Asia, the Middle East and North Africa.
Scott is currently Board Chair of Xceda Capital Group and a member of the St Cuthberts College Board of Trustees.
director
The Board is deeply saddened by the passing of Jayshree Das. Throughout her service as a Director, she made a significant contribution to Punakaiki Fund's growth and success. We thank her for her commitment and leadership. Following her passing, Jayshree is no longer a Director of the Company. Our heartfelt condolences go to her family and friends.
director
Andrew brings a broad range of technical expertise and public policy thinking to Punakaiki Fund. Andrew has experience in an evergreen venture capital fund as well as a passion for technology ethics, AI and machine learning. He has been a long-term investor in Punakaiki Fund, initially as a retail investor.
Andrew was a science communicator focusing on COVID response technology, and was Chief Advisor: Technology Assurance with NZ Police. He now has several Board governance roles including the NZ Media Council complaints board and the Boards of Wildlife.AI and Forever Harvest.
Director
Teressa has held CEO, CRO and COO roles across the financial services, iwi asset
management and sustainability sectors, with deep expertise in strategy, governance,
legal, risk, performance and transformation.
Teressa is the founder of PHIT Intelligence Ltd, a digital health company building
personalised health intelligence for people living with fluctuating health conditions
and the practitioners who support them.
She has an LLB from Victoria University and is a Barrister and Solicitor of the High
Court of New Zealand.
Teressa is considered to be a non-executive, independent director.
co-founder
Lance is a Principal with 2040 Ventures, the manager of Punakaiki Fund
Lance is a director of 9 of Punakaiki Fund’s Portfolio Companies. He was formerly a director of Linewize until his resignation following its acquisition by Family Zone in late 2017, of Devoli until early 2017, when he was replaced by Chris Humphreys and of NZ Artesian Water until he resigned in October 2019.
Lance combines a wide variety of global experience with helping high-growth companies in New Zealand. Lance has helped hundreds of high growth companies through his work with 2040 Ventures, via Zealand Trade and Enterprise’s (NZTE) programmes, through Return on Science investment Committees and independently prior to the formation of 2040 Ventures.
Lance was the investment-banking advisor for Trade Me on its sale to Fairfax Media, with McKinsey & Company in Washington DC, contracted to the European Bank for Reconstruction and Development in London and consulted to BHP Billiton plants in South Africa, Australia and Mozambique. Lance was also an elected Councillor for InternetNZ, where he was a member of the Audit Committee.
Lance has an MBA from Yale University (Strategy, Finance) and a Bachelor of Technology (Hons, Product Development) from Massey University. He has been a regular judge for the Hi-Tech Awards and other events.
The Board’s core responsibility is approving and monitoring adherence to the investment objectives, risk management, strategies, policies and philosophies of Punakaiki Fund, and to ensure Punakaiki Fund meets its statutory obligations. These are reviewed on a regular basis, with policies being added and extended as Punakaiki Fund grows.
Part of these core responsibilities include monitoring 2040 Ventures and Punakaiki Fund’s performance. This involves monitoring and valuing Punakaiki Fund’s investment portfolio, and ensuring that expenditure by Punakaiki Fund is made on a prudent and appropriate basis.
Punakaiki Fund appointed 2040 Ventures Limited to be the manager of Punakaiki Fund. 2040 Ventures is responsible and had broad powers for investment, managing investments, fundraising and certain administrative services. It is responsible for adhering to the various policies, objectives and directives set by the Punakaiki Fund Board, including ensuring that the Board is kept fully informed about material matters relating to investments and Punakaiki Fund itself.
Go to the 2040 Ventures website
Punakaiki Fund Limited is committed to the highest standards of corporate governance and uses the Punakaiki Fund Board Charter to guide the Board’s behaviour. We have a number of policy documents, which are each regularly reviewed. Many of these, linked here, are publicly disclosed.
