Latest news with #NZGCP
Techday NZ
22-05-2025
- Business
- Techday NZ
Elevate NZ backs Pacific Channel Fund III with $10 million
Elevate NZ Venture Fund is making a $10 million follow-on investment into Pacific Channel's Fund III to support the expansion of deep-tech companies in New Zealand. Elevate was set up by the government to boost investment into high growth early-stage New Zealand companies and to advance the local venture capital ecosystem. Managed by NZ Growth Capital Partners (NZGCP), the fund recently secured a further $100 million allocation as part of the nation's latest Budget. James Pinner, Chief Investment Officer at NZGCP, commented on the renewed support for Pacific Channel. "Pacific Channel has progressed well since our initial investment into its previous fund and we're happy to be supporting them again with an investment into Fund III. Pacific Channel continues to support a diverse cohort of deep-tech companies from early-stage through the growth cycle," he said. He also highlighted developments within Pacific Channel's organisation and outlook. "We're also really encouraged by the continued development of the Pacific Channel team, evolution of their growth as a manager and the expansion of their offering including acceptance as a Callaghan Innovation Deep Tech Incubator. We are looking to back VC managers who are as ambitious as the start-ups they back so it's fantastic to see the investment they're making into building a deep team of experts and also their expansion into Australia through a separate Fund, which provides it with the capability to support even more diverse deep-tech start-ups," Pinner stated. Brent Ogilvie, Managing Partner at Pacific Channel, commented on the significance of the partnership and the direction of the fund. "This investment from Elevate recognises the strength of our partnership and shared commitment to building globally impactful New Zealand companies. With over $50 million already committed to Pacific Channel Fund III, we are well-positioned to continue identifying breakthrough technologies addressing critical global challenges, creating high-value jobs, and generating intellectual property that remains in New Zealand ownership." Ogilvie discussed Pacific Channel's track record and approach to investment. "Over the past 20 years, Pacific Channel has invested in more than 66 companies and achieved 11 successful exits, generating proven, high returns. Fund III continues this disciplined approach - delivering significant value to investors while commercialising world-class New Zealand science," he said. Elevate operates by co-investing into early-stage venture capital funds alongside matching levels of private capital. These funds subsequently invest directly into New Zealand growth businesses on a commercial basis. Launched in 2020, Elevate has now allocated $232 million across ten funds managed by seven separate fund managers. The fund has recently seen realisations from investments into Movac, GD1, Nuance, Hillfarrance and an earlier Pacific Channel fund, among others. These realisations serve as demonstrations of returns and portfolio development within the New Zealand ecosystem. In addition to Elevate, NZGCP also operates the Aspire Seed Fund, which invests directly into earlier stage companies, ranging from proof of concept to Seed and pre-Series A stages. This is typically in conjunction with private sector investors, including angel groups. Aspire has been operational in various formats since 2006, realising investments in companies such as Kami, Tradify, Yabble, and more recently Quantifi Photonics. The returns generated by Elevate and Aspire are indicative of the long-term nature of early-stage company investment and will be reinvested to support the next generation of New Zealand's growth companies.
Scoop
19-05-2025
- Business
- Scoop
Elevate Backs Pacific Channel With Follow-On Investment To Support Expansion
Elevate NZ Venture Fund is making a $10m follow-on investment into a new fund with one of its existing managers Pacific Channel. Elevate was established by Government to support investment into New Zealand high growth early-stage companies and to develop the local venture capital ecosystem. It is managed by NZ Growth Capital Partners and recently received a $100m top up as part of Budget 2025. 'Pacific Channel has progressed well since our initial investment into its previous fund and we're happy to be supporting them again with an investment into Fund III. Pacific Channel continues to support a diverse cohort of deep-tech companies from early-stage through the growth cycle,' says NZGCP Chief Investment Officer James Pinner. 'We're also really encouraged by the continued development of the Pacific Channel team, evolution of their growth as a manager and the expansion of their offering including acceptance as a Callaghan Innovation Deep Tech Incubator. We are looking to back VC managers who are as ambitious as the start-ups they back so it's fantastic to see the investment they're making into building a deep team of experts and also their expansion into Australia through a separate Fund, which provides it with the capability to support even more diverse deep-tech start-ups,' says Pinner. Pacific Channel Managing Partner, Brent Ogilvie says, 'This investment from Elevate recognises the strength of our partnership and shared commitment to building globally impactful New Zealand companies. With over $50 million already committed to Pacific Channel Fund III, we are well-positioned to continue identifying breakthrough technologies addressing critical global challenges, creating high-value jobs, and generating intellectual property that remains in New Zealand ownership." 'Over the past 20 years, Pacific Channel has invested in more than 66 companies and achieved 11 successful exits, generating proven, high returns. Fund III continues this disciplined approach - delivering significant value to investors while commercialising world-class New Zealand science,' says Ogilvie. Elevate was set up to help boost New Zealand's growth and productivity by investing into early-stage venture capital funds alongside matching levels of private capital. Those funds then invest directly into New Zealand growth businesses on a purely commercial basis. Elevate was launched in 2020 and with this new commitment has allocated $232m into ten funds run by seven different fund managers. It has recently seen realisations from investments into Movac, GD1, Nuance, Hillfarrance and Pacific Channel's earlier fund. NZGCP also operates the Aspire Seed Fund which invests directly into earlier stage companies (from proof of concept to Seed and pre-Series A stages) alongside private sector investors including angel investor groups. Aspire has been operating in various guises since 2006 and has had several realisations from its portfolio of investments including Kami, Tradify, Yabble and recently Quantifi Photonics. Returns to Elevate and Aspire reflect the long-term nature of investing in early-stage companies and will be recycled into further investing for New Zealand's future growth companies.
Scoop
30-04-2025
- Business
- Scoop
Rob Everett, Former FMA And NZ Growth Capital Partners Head, Joins Simplicity
Press Release – Simplicity Rob Everett was Chief Executive of the FMA for seven years and Chief Executive of NZGCP from early 2022 until this year. He qualified as a lawyer with international law firm Allen and Overy in London, before spending 18 years with investment bank … Simplicity, the default KiwiSaver and Investment Fund manager, announced today that Rob Everett, the former Chief Executive of the Financial Markets Authority (FMA) and NZ Growth Capital Partners (NZGCP), will be joining the Board of Simplicity on 1 May and will become independent Chair from 1 July. Rob will be replacing Joy Marslin, who has been Board Chair since 2016. 'We're delighted to have someone of Rob's calibre join our mission to give Kiwis more dignity in retirement,' said Joy Marslin, current Chair of Simplicity. 'He has significant depth and breadth of industry experience and is a proven performer in both the FMA and NZGCP roles. The Board and team couldn't be happier that he's joined Simplicity,' said Ms Marslin. Rob was Chief Executive of the FMA for seven years and Chief Executive of NZGCP from early 2022 until this year. He qualified as a lawyer with international law firm Allen and Overy in London, before spending 18 years with investment bank Merrill Lynch in London, New York and Hong Kong. He holds a Bachelor of Arts (Hons) and Master of Arts in Law from Cambridge University. Rob commented 'I have so much admiration for what Sam, Joy and the Simplicity team have achieved so far. I'm thrilled to be joining such a high quality board and I'm inspired at the prospect of building out the role that Simplicity plays in serving New Zealanders.' 'After almost 9 years as Chair, we're sorry to see Joy leave a role she has mastered. But we couldn't be happier that Rob is joining us,' said Sam Stubbs, Managing Director of Simplicity. 'He was our number one pick for the role,' he said. 'He's a keen supporter of the English rugby team, so we will have to do something about that, but in all other respects he's an awesome fit for a business that wants to be the big disruptor,' said Mr Stubbs.
Scoop
30-04-2025
- Business
- Scoop
Rob Everett, Former FMA And NZ Growth Capital Partners Head, Joins Simplicity
Simplicity, the default KiwiSaver and Investment Fund manager, announced today that Rob Everett, the former Chief Executive of the Financial Markets Authority (FMA) and NZ Growth Capital Partners (NZGCP), will be joining the Board of Simplicity on 1 May and will become independent Chair from 1 July. Rob will be replacing Joy Marslin, who has been Board Chair since 2016. 'We're delighted to have someone of Rob's calibre join our mission to give Kiwis more dignity in retirement,' said Joy Marslin, current Chair of Simplicity. 'He has significant depth and breadth of industry experience and is a proven performer in both the FMA and NZGCP roles. The Board and team couldn't be happier that he's joined Simplicity,' said Ms Marslin. Rob was Chief Executive of the FMA for seven years and Chief Executive of NZGCP from early 2022 until this year. He qualified as a lawyer with international law firm Allen and Overy in London, before spending 18 years with investment bank Merrill Lynch in London, New York and Hong Kong. He holds a Bachelor of Arts (Hons) and Master of Arts in Law from Cambridge University. Rob commented 'I have so much admiration for what Sam, Joy and the Simplicity team have achieved so far. I'm thrilled to be joining such a high quality board and I'm inspired at the prospect of building out the role that Simplicity plays in serving New Zealanders.' 'After almost 9 years as Chair, we're sorry to see Joy leave a role she has mastered. But we couldn't be happier that Rob is joining us,' said Sam Stubbs, Managing Director of Simplicity. 'He was our number one pick for the role,' he said. 'He's a keen supporter of the English rugby team, so we will have to do something about that, but in all other respects he's an awesome fit for a business that wants to be the big disruptor,' said Mr Stubbs.
NZ Herald
30-04-2025
- Business
- NZ Herald
KiwiSaver provider Simplicity appoints ex-FMA head Rob Everett as independent chair
Marslin said that Simplicity was delighted to have someone of Everett's calibre join the team. 'He has significant depth and breadth of industry experience and is a proven performer in both the FMA and NZGCP roles. The board and team couldn't be happier that he's joined Simplicity,' Marslin said. Simplicity managing director Sam Stubbs said he was sorry to see Marslin leave the role she had mastered after almost nine years. As for Everett, Stubbs said that he was the number one pick for the role. 'He's a keen supporter of the English rugby team, so we will have to do something about that, but in all other respects, he's an awesome fit for a business that wants to be the big disruptor,' Stubbs said. The expat Brit moved to Wellington to work with the FMA after spending much of his career at investment bank Merrill Lynch. When he left the FMA back in 2021, Everett said he didn't have any specific regrets in leaving the job, but that there was plenty of unfinished business. 'It will be a real shift. This was my first and probably only gig as a regulator. I spent most of my career on the other side of the table doing capital raisings and helping clients get done what they wanted to get done,' Everett said at the time. 'I'm really looking forward to, rather than telling people off all the time, a growth and contribution and help us re-tool the New Zealand economy role.' He spent three years at the NZGCP, which is facing pressure after it was revealed Elevate, a key Crown-backed fund for venture capital investment run by the NZGCP, is almost out of capital and any chances of a top-up appear slim.
