Punakaiki Fund is New Zealand’s evergreen, Acceptable Managed Fund for the Active Investor Plus visa, often called the New Zealand Golden Visa. We publish monthly NAV, trade on Catalist, and have backed New Zealand technology companies since 2013.
Acceptable Managed Fund for the Growth category since 2023.
Quarterly share auctions on the regulated NZ platform.
Independent annual audit. Latest report published August 2025.
Twelve years of investing in New Zealand technology.
Supports Catalist quarterly auctions when market conditions allow.
30 minutes with our team, by video. We cover the fund, the visa pathway, and whether Punakaiki Fund fits your circumstances. Bring your adviser if you have one. There is no obligation to commit.
Sign up for Catalist, the New Zealand regulated platform we use for wholesale offers. Verify your wholesale-investor status. Submit your commitment online. You receive evidence of commitment for Invest New Zealand within one business day.
Spend at least 21 days in New Zealand during the 36-month investment period, as a holder of a resident visa. Punakaiki Fund satisfies the investment requirement. Permanent residency follows after 36 months for Growth Category applicants.
Punakaiki Fund serves AIP applicants from the United States, United Kingdom, Singapore, Hong Kong, China, and beyond.
Punakaiki Fund holds positions in 18 New Zealand technology companies, with combined annual revenues over NZ$240 million. The portfolio is audited annually to IFRS Tier 1 standards. Five significant companies company exits since inception, returning more than NZ$50 million in realised proceeds.
The maturity of the portfolio is the foundation. The revenues are real. The exits have happened. Our NAV is marked to market every month.
Punakaiki Fund is a long-term investment. Most shareholders hold their position for years, not quarters. We provide a path to liquidity when shareholders need it, through quarterly share auctions on Catalist Markets, a recognised New Zealand exchange.
Auction prices and trading volumes depend on the buyers and sellers in each window. Trading is not guaranteed. The Treasury Stock Reserve sits behind the auctions to support the market when conditions allow.
Punakaiki Fund targets a 20 percent net annual return to shareholders over five-year rolling periods. The return comes from the growth of New Zealand technology companies and is realised through exits and dividends.
This is an equity offer. We participate in the upside of every portfolio company.
| AIP category | Growth |
|---|---|
| Total AIP investment threshold | NZ$5 million |
| Days in New Zealand | At least 21 days during the 36-month investment period |
| Investment period | 36 months (3 years) |
| Acceptable Managed Fund register | Listed at Invest New Zealand |
| Regulated platform | Catalist Markets (primary subscription and secondary trading) |
| Fund structure | New Zealand limited company, evergreen, open-ended |
| Manager | 2040 Ventures Limited |
| Reporting | Monthly NAV. Audited annual report. |
| Target net return | 20% per annum, over five-year rolling periodsCapital Allocation Policy, July 2024 |
| Track record | 15.6% Gross IRR since inceptionFY2025 Annual Report |
For wholesale investors and AIP-visa applicants.
What’s inside
($ million, portfolio companies, to 31 March 2026)
($ million, includes receivables and prepayments, to 30 April 2026)
Past performance is not a reliable indicator of future performance. Charts show Punakaiki Fund reported figures. Sources: PFL Investor Deck, February 2026, and PFL monthly NAV reports through April 2026. Asset value includes receivables and prepayments. Portfolio revenue is the aggregate trailing 12-month revenue of underlying portfolio companies, not Punakaiki Fund revenue.
25% IRR
Exited for over $500m
33% IRR
Revenue increased 25x
3,500% IRR
Acquired by AutoDesk
18% IRR
Cyber security for 25,000+ schools
27% IRR
Acquired by Teradyne Inc. (NASDAQ)
“New Zealand Golden Visa” is the common informal name for the Active Investor Plus visa. Immigration New Zealand does not use the Golden Visa label officially. We use both names on this page so you can find us whichever term you searched for.
NZ$5 million in acceptable investments across the Growth category, over three years. Punakaiki Fund commitments count toward that total at face value.
At least 21 days during the 36-month investment period, as a holder of a resident visa. Invest New Zealand sets that minimum. Many AIP applicants spend significantly more, but 21 days is the floor.
Punakaiki Fund Limited is a New Zealand limited company under the Companies Act 1993. It is governed by an independent-majority Board of Directors. The fund offers shares to wholesale investors, under the Financial Markets Conduct Act 2013. The manager is 2040 Ventures Limited.
Permanent residency is available after 36 months for Growth Category applicants who meet Invest New Zealand requirements. We provide compliance evidence to shareholders at 24 months and at 36 months. You can continue holding Punakaiki Fund shares after the visa period. The fund is evergreen.
Yes. Punakaiki Fund accepts new wholesale subscriptions in any month, subject to availability and Board approval. You can also bid to purchase additional shares on Catalist during quarterly auctions. You could also offer to sell shares in trading auctions provided you can demonstrate to Invest New Zealand that you have maintained your NZD 5 million investment in acceptable managed funds and / or other approved direct investments throughout the investment period.
AIP applicants weigh three things: protecting capital, accessing it when they need to, and earning a return that justifies the commitment.
On capital preservation, Punakaiki Fund holds a diversified portfolio of 18 revenue-generating New Zealand technology companies. We have had five significant exits since inception. The portfolio is audited annually and marked to market every month. The diversified and mature portfolio is the preservation.
On liquidity, Punakaiki Fund is a long-term investment. Most shareholders hold their position for years. Quarterly share auctions on Catalist Markets, a recognised New Zealand exchange, give shareholders a path to liquidity when they need it. Auction prices and volumes depend on the buyers and sellers in each window, so trading is not guaranteed. The Treasury Stock Reserve provides supplementary buy-side support when conditions allow.
On return, Punakaiki Fund targets a 20 percent net annual return over five-year rolling periods. We participate in the upside of every portfolio company. We do not target a fixed margin over a benchmark rate.
The NAV is the Board-approved monthly estimate of the underlying portfolio value, after fees and provisions. The Catalist trading price reflects auction supply and demand at the moment of each trade. The two numbers are rarely identical and the gap moves each quarter. Our Treasury Stock Reserve exists to try an narrow the gap when secondary supply exceeds demand. We publish both numbers monthly.
The base management fee is 1.5% of the asset value + $250,000 per annum. We also charge a 3% fee on equity capital raised when new shares are issued. The performance fee is capped at 20% of distributions, calculated per Schedule 1 of the Management Agreement. The full schedule is in the Information Memorandum.
