Vivian would not give any stats on previous returns, but said all of the above were repeat investors over multiple funds.<\/p>\n
\u201cFor the past 10 years, Movac\u2019s growth funds have given us a way to support local companies when they need that support the most, to contribute to New Zealand\u2019s burgeoning tech sector, and to generate positive returns,\u201d NZ Super Fund private equity director Sian Orr said.<\/p>\n
There were limits to NZ Super Fund\u2019s enthusiasm, however. It contributed $70m to Movac\u2019s Growth Fund 6 and $70m to Growth Fund 5.<\/p>\n
Movac\u2019s greatest hits include its early backing of Trade Me, before it was sold to Fairfax for $720m, Vend (sold for $455m), Timely ($135m), PowerbyProxi ($100m-plus) and Tradify ($100m-plus).<\/p>\n
Retail crime reporting platform Auror has been expanding its US, UK and other offshore business after being promoted by the UK Government and key backing from taser maker Axon Enterprise. Photo \/ Sylvie Whinray <\/p>\n
Recent fast-growing investments have included Auror<\/a>, LawVu<\/a>, Crimson Education<\/a>, Dawn Aerospace<\/a> and Re-Leased<\/a>.<\/p>\n The new fund will cut cheques between $5m and $30m.<\/p>\n Vivian said the flat performance of local tech firms on the stock exchange had also helped draw funds.<\/p>\n Of the golden visa money for Growth Fund 7 and Opportunities Fund 1, 62% was from US investor-immigrants, Vivian said. <\/p>\n Hong Kong (10%), German (9%) and Singaporean (8%) golden visa holders also figured.<\/p>\n The average AIP investor contribution to Growth Fund 7 was $908,000.<\/p>\n Last month, Immigration Minister Erica Stanford updated that since the AIP scheme was introduced in April last year:<\/p>\n 609 applications have been received for 1988 people$1.49 billion is already invested, with a further $2415b in the pipeline (the previous scheme topped out at $100m)<\/p>\n In the AIP Growth category, money has been committed to: <\/p>\n Private Credit: $899mVenture Capital: $147mInfrastructure: $97mPrivate Equity: $57mDiversified: $17mFund of Funds: $10m<\/p>\n \u201cI think the weight of AIP funds going into private credit has taken everyone by surprise,\u201d Vivian said.<\/p>\n \u201cSome of our growth companies are using private credit as a non-dilutive source of capital.\u201d<\/p>\n Anecdotally, it could be reaching the point where the number of opportunities for private credit investment outstripped supply, Vivian said.<\/p>\n The AIP scheme had delivered more than just a fresh source of capital for VC funds and others. The golden visa holders were also acting as mentors, and giving local start-ups access to their global networks, Vivian said.<\/p>\n Venture capital boomed during the pandemic as interest rates bottomed out, but the industry then suffered a hangover in NZ and around the world as rates were hiked.<\/p>\n READ MORE<\/p>\n The recent comeback boom has also seen Icehouse Ventures report an ahead-of-target $150m first close<\/a> for its Growth Fund III and Bridgewest Ventures a $55m <\/a>first close for its first VC fund, which has a $100m target. Both funds said the AIP was a factor. <\/p>\n Icehouse also cited growing support from KiwiSaver funds, which have traditionally been wary of venture capital.<\/p>\nMovac investment Dawn Aerospace is developing a system for refuelling satellites in orbit, which will double their lifespan or allow them to orbit much lower for faster internet and better photos.<\/p>\n