News
0 Private equity – A role for KiwiSaver?

In the first part of a two-part series Pathfinder Asset Management director John Berry explores where private equity should fit into KiwiSaver.

Private equity involves investment in unlisted companies.  These generally require long time horizons and are perceived as delivering high returns.  It sounds perfect for KiwiSaver, yet there are few examples of KiwiSaver schemes embracing private equity investment.  This month we look at the private equity market in New Zealand and opportunities to invest.  In Part 2 next month we will focus on growth KiwiSavers and whether they should (or actually do) include private equity as an alternative investment.

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News
0 Opinion: Private capital partners mid-market growth

New Zealand’s economic opportunity is in the hands of unsung heroes: companies which have grown to become significant employers, yet few have heard of. It’s often lonely and hard to lead growth companies, but that’s where private capital can help, says Colin McKinnon.
New Zealand’s high-growth companies are growing revenues and employees at the rate of 20 per cent a year. Most employ 20-49 employees and are described as “mid-market”. In total there are around 10,000 of these companies representing 2 per cent of all Kiwi businesses. Ninety per cent are privately owned.*
New Zealand is at the mid to lower end of the OECD tables for high-growth firms. So growing more companies is important, but even more important is helping more companies grow, especially given the fact that although we have a similar proportion of smaller business to many other countries, we lack a decent number of larger firms. So how can we help more businesses grow to become high-growth performers?

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0 Crowdfunding taking off, but beware

Equity crowdfunding is taking off, but prominent market figures warn about the potential dangers facing investors.

The capital-raising method, which became possible in this country last year through a once-in-a-generation overhaul of securities legislation, allows companies to issue shares to the public through online platforms.

Three equity crowdfunding providers – Snowball Effect, PledgeMe and Equitise – are operating.

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0 NZ Super Fund suspends Milford’s mandate

The Guardians of New Zealand Superannuation, tasked with managing the New Zealand Superannuation Fund, has suspended its investment mandate with Milford Asset Management while Milford is investigated by the Financial Markets Authority.

The sovereign fund, which has some $28.98 billion under management, will manage the funds internally until the financial markets’ watchdog finishes its probe into the fund manager, it said in a statement.

Milford has had a New Zealand active equity mandate from the Guardians since 2009, valued at $281 million.

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News
0 Allegro buys rail greats

The country’s best-known transcontinental train services are back in Australian hands, with private equity group Allegro Funds buying the company behind the Indian Pacific, the Ghan and the Overland.

British services group Serco, perhaps better known in WA for running prisons and hospitals, put Great Southern Rail up for sale earlier this year, having owned the business for 15 years.

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