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 $127 million, projected as at 31 December 2025. Managed by 2040 Ventures Limited, PFL raises funds with the aim of making long-term investments into high-growth, revenue-generating New Zealand-based technology companies.

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Offer Summary

This offer is intended for wholesale investors and has features to accommodate Active Investor Plus Visa applicants.

$34.50 per Share

This offer is for ordinary shares in PFL, at a price of $34.50 per share.

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What Investors Get

TRANSPARENT INVESTMENT INTO A PROVEN PORTFOLIO

When you invest in Punakaiki Fund, you gain an immediate share in an existing $127m portfolio of 18 New Zealand tech companies with high-growth potential.

Our evergreen structure means you know exactly what you're investing in: a diversified and vetted collection of New Zealand businesses with over a decade's track record, so you can invest with clarity and confidence.

PRIVILEGED ACCESS TO NZ TECH

PFL is the only local fund invested in some of New Zealand's most promising tech companies, including Devoli, Projectworks, Couchdrop, Sea-Flux, Orah, Whip Around and more. Only an investment in PFL can currently provide you with immediate exposure to these high-growth ventures.

OPPORTUNITIES FOR LIQUIDITY

• SECONDARY TRADING PFL offers treasury stock-supported periodic secondary trading windows on Catalist, a “recognised exchange” under New Zealand law. The fund has also been structured to keep open the possibility of a future NZX/ASX listing if the Board determines it in the best interest of shareholders. A listing is not assured.

• CAPITAL RETURNS: A policy to distribute 100% of the dividends we receive from portfolio companies, and after operating expenses, return 35% of proceeds from successful exits to our shareholders.

  Any capital returns will be subject to Board approval and optional for 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.

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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, 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. The the top 10 of which represent over 90% of portfolio value and generated $197 million of trailing-twelve months’ revenue based on the latest company information.

Punakaiki Fund has realised over $50 million in returns, including proceeds from notable exits of investments in Vend, Timely, Linewize, Moxion and Quantifi Photonics.

Punakaiki Fund’s asset value per share has increased from $10 at inception to $37.11 (projected as at 31 Decembe 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:

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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 supported AIP Visa investors from all over the world.

• Lower Venture Capital Risk: Lower downside risk than traditional venture capital funds due to the security of an existing, mature and diversified portfolio of revenue-generating investments.
• Pathways to Liquidity:
  • Periodic share trading — we currently hold 3-4 share trading windows each year
  • Capital Allocation Policy which allows distributions to shareholders:
    • 100% of returns received from dividends, and
    • 35% of returns received from exits¹.
  • These options provide AIP investors with the potential for liquidity sooner than the 10-year investment horizon for typical VC funds.
• Simple for AIP Visa investors: Investments in PFL can be accepted in full once your Visa has been approved in principle. There is no need to manage on-call committed capital like with on-call investments, providing a simple, easy to manage AIP investment option.
• 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.