Pencarrow Private Equity has just completed a first and final close on its latest fund, Pencarrow V, at the hard cap of $250 million. The fund closed significantly above its target of $200 million, and is more than double the size of its previous largest fund, Pencarrow IV.
Fund raising was completed in around eight weeks and demand was strong, with the fund significantly oversubscribed. Investors are predominantly New Zealand based, with support from leading New Zealand institutions, iwi, foundations and community trusts as well as private investors. The focus of the fund will be on investing in management buyouts, succession deals and expansion capital opportunities among privately held companies in the mid-market segment in New Zealand.