Punakaiki Fund Limited
About Punakaiki Fund
Punakaiki Fund (PFL) is New Zealand’s first and largest evergreen venture capital investment company, with total assets of $129 million (at 26 February 2026). Managed by 2040 Ventures Limited, PFL raises funds with the aim of making long-term investments into high-growth, revenue-generating New Zealand technology companies.
This offer is intended for wholesale investors and has features to accommodate Active Investor Plus Visa applicants.
Portfolio overview
A snapshot of Punakaiki Fund’s current top portfolio companies, valuation, and concentration, as at 31 December 2025.
| Company | Company description | Shareholding | ROI | Holding Value |
|---|---|---|---|---|
| Substantial (Revenue $20m+) | ||||
| Substantial (Revenue $20m+) | ||||
| Devoli | Wholesale internet service provider powering Contact Energy & Nova | 53.9% | 3.9x |
$31.8m
TTM Revenue $172m
|
| Onceit | New Zealand discount ecommerce site for fashion, furniture and more | 25.6% | 4.2x | |
| Whip Around | Digital fleet maintenance solution serving USA trucking market | 5.3% | 0.7x | |
| Emerging (Revenue $5m–$20m) | ||||
| Emerging (Revenue $5m–$20m) | ||||
| Projectworks | Professional services automation software | 9.6% | 2.6x |
$43.8m
TTM Revenue $20m
|
| Couchdrop | Software for moving vast amounts of data between platforms | 25.1% | 6.0x | |
| Sustainable (Revenue $1m–$5m) | ||||
| Sustainable (Revenue $1m–$5m) | ||||
| Hectre | Optimising fruit quality and profit, from orchard to packhouse | 13.2% | 1.0x |
$27.1m
TTM Revenue $14m
|
| Sea-Flux | Fleet management software for commercial vessel operators | 13.0% | 1.0x | |
| RedSeed | Coach-led off-the-shelf and customised learning for frontline staff | 50.1% | 2.0x | |
| Orah | Duty of care platform for schools enabling student safety and support | 33.6% | 2.9x | |
| Get Home Safe | Lone-worker journey management tool keeping staff safe | 21.0% | 2.3x | |
|
Total Holding Value for top investments*
*Includes additional amount from secondary revaluation of an undisclosed company
| $104.0m* | |||
| Holding Value for other active investments | $7.7m | |||
| Investments Held For Exit (Escrow cash & companies) | $3.5m | |||
| Cash (net) | $14.0m | |||
|
Total Holding Value for top investments*
*Includes additional amount from secondary revaluation of an undisclosed company
| $104.0m* | |||
| Holding Value for other active investments | $7.7m | |||
| Investments Held For Exit (Escrow cash & companies) | $3.5m | |||
| Cash (net) | $14.0m | |||
A clear view of what you are investing in, how the portfolio is managed, and how liquidity and returns are delivered over time.
Transparent investment into a proven portfolio
You gain an immediate share in an existing $129m portfolio of 18 New Zealand tech companies, with a long track record and published valuation updates.
Privileged access to NZ tech
Exposure to companies such as Devoli, Projectworks, Couchdrop, Sea-Flux, Orah and Whip Around, through a single listed shareholding.
Top-tier reporting
Monthly NAV updates and annual audited financial statements to IFRS Tier 1, supporting mark-to-market valuation and investor confidence.
Online share register
Holdings are tracked on Catalist. You can self-manage your investment details and participate in share trading windows.
Invitations to all PFL events
Shareholders receive invitations to in-person and virtual investor events, with updates from the Manager and portfolio insights.
A distinctive approach
Evergreen means we can hold for long-term growth, continue raising capital, and reinvest into the strongest opportunities without a fixed fund end date.
Opportunities for liquidity
- Secondary trading: periodic trading windows on Catalist, supported by treasury stock participation (where applicable).
- Capital returns: a policy to distribute dividends received from portfolio companies, and return a portion of proceeds from successful exits, subject to Board approval.
“When raising our last seed round, we actively sought out Punakaiki Fund due to their fantastic reputation for supporting SaaS companies in their growth.”
PFL’s evergreen structure results in a different investor experience compared to closed-ended venture capital and private equity funds.
Evergreen, permanent capital structure.
Closed-ended limited partnerships with fixed fund lives.
'Acceptable Managed Fund' under the AIP Visa's 'Growth' category. Persistently open for new investment.
Often limited investment windows and complex capital commitments.
Periodic secondary trading auctions with the potential for Treasury Stock support. Structured to keep open the possibility of a future NZX/ASX listing.*
Returns typically concentrated at or after fund termination.
No capital calls, fees met by the fund.
Ongoing capital calls and management fees over long periods.
Existing, diversified portfolio at the time of investment.
Portfolio typically unknown when commitments are made.
Public monthly NAV reporting and IFRS Tier 1 audited accounts.
LP reporting that may be less frequent or less transparent.
*If the Board determines a listing in the best interest of shareholders. A listing is not assured.
PFL is structured to make it fast and simple for Active Investor Plus Visa applicants to meet the investment criteria under the AIP Visa's 'Growth' category, while providing transparency and a venture-style return profile. As at January 2026, roughly one in every eight AIP Visa 'Growth' category investors have elected to invest with Punakaiki Fund.
Lower venture capital risk
Lower downside risk than traditional venture capital funds due to an existing, mature and diversified portfolio of revenue-generating New Zealand technology companies.
Clear pathways to liquidity
Treasury stock-supported periodic share trading windows (typically 3–4 per year), a defined capital allocation policy, and structured to keep open the possibility of a future NZX/ASX listing, together provide earlier potential liquidity than the standard 10-year VC fund horizon.
Simple to manage for AIP investors
Investments can be accepted in full once your Visa is approved in principle. There are no capital calls or on-call commitments, making PFL straightforward to administer.
Institutional-grade reporting
Comprehensive monthly NAV reporting and annual audited financial statements prepared to IFRS Tier 1, supporting tax, accounting, and mark-to-market requirements.
An investment in Punakaiki Fund should be considered long-term. Over time, returns are driven by a number of fundamental factors and how actively they are managed.
Our evergreen structure allows us to engage deeply with portfolio companies across funding, growth, and exit cycles, while maintaining discipline around valuation, costs, and liquidity.
The size, growth and profitability of portfolio companies, and any dividends they may pay, drive changes in the value of our Assets per Share. In particular Couchdrop and Devoli each represent over 20% of our Assets and their performance is a material driver of returns.
- Assist portfolio companies, as directors and shareholder-advisors, to deliver sustainable long-term growth.
- Lead or support portfolio companies to raise follow-on capital.
- Become deeply involved, as required, at strategic moments including funding rounds, acquisition or exit opportunities, and key staff and founder transitions.
- Adhere to portfolio parameters in our SIPO to diversify our risk.
Aside from portfolio company performance, valuations are driven by metrics observed from public financial markets, events including investment rounds and exits (when companies are sold or listed on a stock exchange).
- Set clear company reporting and communication expectations so we understand performance and remain engaged in any pending strategic events.
- Maintain a fair, robust, systematic valuation process with Board responsibility and annual audit oversight.
- Acknowledge that realised exit events will generally occur at a premium to holding value.
Shares that have been traded between exiting shareholders tend to do so at a discount to the underlying value per Share.
- Conduct quarterly (or similar) share trading windows on the Catalist platform to allow shareholders and wholesale investors to trade shares.
- Support the trading windows through our own ability to buy and sell shares, holding a maximum of 5%, and for a maximum of 12 months.
- Distribute 35% of any exit funds to Shareholders, through either dividends or share buy backs, under our Capital Allocation Policy.
- Provide our investors with monthly NAV reports and regular shareholder communication ensuring they have up to date information.
The operation of Punakaiki Fund generates costs, which may be offset by any proceeds such as capital returned and/or dividends received from portfolio companies.
- Maintain a policy of holding cash reserves equal to eighteen months of operating costs following each major funding round, exit, or investment sale.
- Maintain low expenses, with most of the Management Fee based on 1.5% of Net Asset Value.
More information
Please read the Information Memorandum and other disclosure documents available in the Key Documents tab at the top of this page.
Trading details
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