All rights reserved.
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 $120 million as at 13 November 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.
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
When you invest in Punakaiki Fund, you gain an immediate share in an existing $120m portfolio of 17 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, 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.
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 $204 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 $33.57 (as at 13 November 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 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.
© Catalist Markets Limited 2025. All rights reserved.
