Product information
New Zealand's Evergreen Venture Capital Fund
About Punakaiki Fund
Punakaiki Fund (PFL) is New Zealand’s first and largest evergreen venture capital investment company, with total assets of $107.2 million as at the end of January 2025. Managed by 2040 Ventures Limited, PFL raises funds to make long-term investments into high-growth, revenue-generating New Zealand-based technology companies.
Offer Summary
This offer is intended for wholesale investors and has features to accommodate Active Investor Plus Visa applicants.
$33.50 per Share
This offer is for ordinary shares in PFL, at a price of $33.50 per share.
What Investors Get
TRANSPARENT INVESTMENT INTO A PROVEN PORTFOLIO
By investing in Punakaiki Fund, you're gaining an immediate share in a proven $107m portfolio of 17 of New Zealand’s most promising tech companies, not a speculative bet on unseen future ventures.
By contrast, traditional venture funds operate on a General Partner/Limited Partner (GP/LP) structure, where your investment is committed without immediate visibility into which companies it will support—akin to investing in a 'black box' of future possibilities.
Our structure means you know exactly what you're investing in: a diversified, vetted, and thriving collection of businesses with a decade-long track record of growth, so you can invest with clarity and confidence.
PRIVELIGED ACCESS TO NZ TECH
PFL is the only local fund invested in some of New Zealand's fastest growing tech companies, including Devoli, Projectworks, Couchdrop, Whip Around and more. Only an investment in PFL can currently provide you with immediate exposure to these high-growth ventures.
UNMATCHED OPPORTUNITIES FOR LIQUIDITY
Punakaiki Fund offers an investment advantage that traditional venture funds can’t match: real opportunities for liquidity over the near and medium term.
-
CAPITAL RETURNS: We distribute 100% of the dividends we receive from portfolio companies, and after operating expenses, return 35% of proceeds from successful exits to our shareholders.
With traditional venture funds, your capital can be tied up for over a decade, as you wait through long investment cycles.
In contrast, an investment in Punakaiki Fund connects you with our mature portfolio of companies, where near-term exits are possible—meaning potential returns in years, not decades.
Any capital returns will be subject to Board approval and optional for shareholders.
-
IPO READINESS: PFL has a long-held goal to IPO the fund over the medium-term. Once listed, shareholders will be able to publicly trade shares.
-
PERIODIC SHARE TRADING: We host periodic share trading windows here on Catalist. During trading windows, any wholesale investor can bid to purchase shares on offer from existing shareholders.
TOP-TIER REPORTING
We publicly publish monthly Net Asset Value reports, and annual audited financial reporting to the IFRS Tier 1 standard, allowing investors to easily value and mark investments to market for tax purposes.
ONLINE SHARE REGISTER
Our share register is hosted here on Catalist. Log in at any time to track your holdings, self-manage your investment details, and to participate in our regular share trading rounds.
INVITATIONS TO ALL PFL EVENTS
Shareholders receive exclusive invitations to all PFL in-person and virtual investor events.
Evergreen Fund: A Distinctive Approach
Unlike traditional venture capital funds, PFL is evergreen. This means we don’t operate under the pressure of an exit clock. Instead, we have the flexibility to hold for long-term growth, continuously raise capital, distribute returns to shareholders, and reinvest into our most promising portfolio companies or new, high-potential investments. Our structure allows us to attract exceptional founders who understand and appreciate our long-term approach.
"When raising our last seed round, we actively sought out Punakaiki Fund due to their fantastic reputation for supporting SaaS companies in their growth.”
— Matt Hayter, Co-founder, ProjectWorks
Portfolio Overview
Our portfolio of technology companies has proven value, resilience and growth. In the year to 31 December 2024, our investments generated $213m of revenue, and equity weighted revenue of $74m.
Punakaiki Fund has realised $25 million in returns, including proceeds from notable exits of investments in Vend, Timely, Linewize and Moxion.
Punakaiki Fund’s asset value per share has increased from $10 at inception to $34.43 (as at 31 January 2025).
Key Drivers of Returns
An investment in Punakaiki Fund should be considered a long-term investment. Returns to investors over the long-term are driven by:
Optimised for AIP Visa Investors
PFL is structured to make it fast and simple for AIP Visa applicants to meet the Visa‘s minimum investment criteria while also providing unmatched transparency alongside a venture return profile. We’ve already accepted investment from AIP Visa applicants.
- Lower Venture Capital Risk: Lower downside risk than traditional venture capital funds due to the security of a mature and diversified portfolio of investments.
- Pathways to Liquidity: PFL distributes to shareholders 100% of returns received from dividends and 35% of returns received from exits¹. PFL also has a goal to IPO on a local market over the medium-term. These options provide AIP investors with liquidity pathways much sooner than the 10-year investment horizon for typical VC funds.
- Unmatched Investment Speed for AIP Visa: Investments in PFL can be accepted in full once your Visa has been approved in principle. This removes the need to draw down funds over time from a NZ-based holding account and offers the fastest option for meeting the AIP Visa’s minimum investment conditions.
- High quality reporting ensuring tax and accounting compliance: We have been publishing comprehensive, institutional-grade reports and annual audited financial statements to IFRS Tier 1 standard for years - allowing investors to easily value and mark investments to market for tax purposes.
More Information
Please read the Information Memorandum and other disclosure documents available in the ‘Key Documents‘ tab at the top of this page.
Click here to learn more about the Active Investor Plus Visa.
*Punakaiki Fund remains committed to its intention to list the company, but, especially considering current listed market conditions, has no immediate plans and has not retained any advisors for that purpose.
