Find answers to common questions about investing in Punakaiki Fund, trading via Catalist, and understanding key terms like NAV, buybacks, and performance fees.
Log in to Catalist to see the current value of your shares based on the investor Net Asset Value per share as reported each month. Note that periodic auction prices can differ from the current investor Net Asset Value per share due to changes in supply and demand for PFL shares.
Yes. You can offer to sell shares during Catalist trading auctions if you have a registered and verified Catalist account.
Existing shareholders and eligible/wholesale investors registered on Catalist.
Imbalances between buyers and sellers in a given window can create discounts or premiums in the price of traded PFL shares.
Dividends suit those wanting cash now but reduce the Investor Net Asset Value per share for all and are taxable in the hands of shareholders. Buybacks are optional, giving shareholders the choice of whether to retain their shares or sell a portion.
No. Buybacks use funds generated from exits. Selling is optional, and shareholders that choose not to sell, keep full exposure to their PFL investment (or may increase it, if shares repurchased by PFL are cancelled).
Repurchased shares held by the company under the Companies Act 1993, which may be reissued (within 12 months) or cancelled (if held for 12 months).
Catalist provides phone and email support. Printed guides are available on request.
In a traditional limited partnership venture fund, investors commit a fixed amount of money at the start, but don’t hand it over all at once. Instead, the fund “calls” for portions of this committed capital over time as investments are made, i.e. “capital calls”. PFL does not use capital calls, you buy shares directly, and 100% of your money is working from day one.
Measures the total capital that a fund has returned thus far to its investors. It is also referred to as the realisation multiple. The DPI value is the cumulative value of all investor distributions expressed as a multiple of all the capital paid into the fund up to that time.
A dividend is a direct cash payment to shareholders, usually in proportion to the number of shares owned.
A distribution model used by traditional GP/LP venture funds. Under the “European waterfall,” investors receive all their capital back plus a preferred return (commonly 8% IRR) before the manager can take any performance fees. Once that hurdle is reached, the “catch-up” phase allows the manager to receive most or all the subsequent distributions until they have caught up to their 20% share of total profits. After that, all further gains are split 80/20 between investors and the manager.
A threshold ensuring performance fees are only charged on new gains.
The minimum annualised return investors must receive before the manager can earn performance fees (sometimes also called “carry”). For PFL, the hurdle is a 10% internal rate of return (IRR) per tranche of shares.
A standard measure of investment performance and measures average annual returns over time, reflecting the timing of investments and returns.
The value of the fund for investors, calculated by deducting any accrued performance and any other accrued liabilities or adjustments from the Asset Value.
The iNAV divided by total shares on issue – an indicative per‑share value.
The ability to turn your investment back into cash. Traditional venture funds usually lock up capital for 10+ years until companies exit. PFL offers periodic liquidity through Catalist auctions (3–4 times a year) and, from time to time, other mechanisms like buybacks or dividends.
Total assets minus liabilities (excluding any accrued performance fee).
Shows how efficiently a fund or company uses its capital to generate profits. calculated by dividing net operating profit after tax by invested capital.
A financial ratio that measures the profit generated by an investment relative to its cost. To calculate ROI, the return of an investment is divided by the cost of the investment. The result is expressed as a percentage or a ratio.
When the company offers to purchase some of its own shares from shareholders, using the company’s cash, thereby returning cash to those shareholders who choose to sell. Repurchased shares are then cancelled.
A group of shares issued at the same time and at the same price. For PFL’s performance fee, each tranche is measured separately, so the Manager only receives a performance fee for tranches that exceed the return hurdle.
A measure of the performance of a venture capital fund. It represents the total value of a fund relative to the amount of capital paid into the fund to date. TVPI is expressed as a multiple, such as 0.9x or 1.6x. Multiples less than 1.0x represent funds that are currently valued at less than the paid-in investment amount.
Repurchased shares held by the company; can be reissued (within 12-months) or cancelled (if held for 12 months).
