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0 Allegro eyes new opportunities with closure of second fund

Turnaround specialist Allegro Funds (Allegro) has raised $180 million to successfully complete the capital raising for its second investment fund, Allegro Fund II, which was oversubscribed.
Investors in the fund included Australian superannuation firms, which made up more than half the fund, along with offshore institutions such as global fund of funds, family offices and a major New Zealand sovereign institution.
Allegro is an Australian private equity fund manager that invests in private mid-market businesses within Australia and New Zealand with revenue of more than $50 million that require an investment of between $10 and $50 million.
Allegro Founding Partner Chester Moynihan said the company’s investment model had enabled it to turnaround previously underperforming businesses. “Allegro has established a successful track record of investing in businesses that need transformational capital and expertise to grow,” he said.

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0 NZ fourth best country for foreign investment

New Zealand has been named as the world’s fourth most attractive foreign investment destination by a US economic think tank.

Singapore, Hong Kong and Finland were ranked first, second and third, respectively, by the Santa Monica-based Milken Institute.

The institute ranked 136 countries using a zero to 10 score scale across four categories – economic fundamentals, ease of doing business, quality of regulations and rule of law.

New Zealand got a 4.95 score for economic fundamentals, 8.21 for ease of doing business, 8.50 for quality of regulation and 9.60 for rule of law, which was the highest score in that category of all the countries included in the index.

Foreign direct investment in New Zealand had reached $97.3 billion by the end of June 2014, up from $89.7 billion a year earlier, according to Statistics NZ.

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0 Who’s got the best super fund? New Zealand, says JP Morgan

New Zealand has the world’s best-performing sovereign wealth fund, new research has found.

With annual returns of more than 17 per cent over the past five years, the nearly $30 billion New Zealand Superannuation Fund has outperformed all of its counterparts that publish figures, according an analysis by JP Morgan published in the Financial Times.

The second-best performing fund for the five-year period was the Government of Singapore Investment Corp, or GIC, with annualised returns of 12.4 per cent.  Temasek, also from Singapore, returned 11 per cent a year, while Australia’s Future Fund was in fourth place with 10.4 per cent, according to the research.

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0 Rangatira seeks new investments

Rangatira lifted annual underlying earnings 15%, helped by an improved second half, and the Wellington-based investment group said it is on the prowl for new acquisitions.

Rangatira is looking for further investments, saying it prefers middle market businesses with strong growth potential and prefers to invest as a cornerstone shareholder. Last year, chairman David Pilkington told shareholders the firm was reviewing its portfolio.

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0 NXT to launch for small businesses

NZX’s new market for small, growth-focused firms – set to launch this week – won’t be a big money earner for the sharemarket operator but will encourage more businesses to take the leap and go public, says head of funds management Aaron Jenkins.

The NXT board, targeted at companies in the $10 million to $100 million market capitalisation range, will kick off on Thursday with the listing of business mail firm G3 Group.

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