Technology investment fund manager Movac has raised $105 million in its latest fund, including $75m from institutional investors such as Ngai Tahu Holdings, the iwi's commercial arm.
Movac partner Phil McCaw said he couldn't name the other institutional investors for Movac Fund 4, but the balance of the funds had come from the New Zealand Venture Investment Fund, leading NZ family offices, community trusts and private investors, including investor migrants.
The fund will be investing in established NZ technology companies with a track record of sales that are looking for capital to accelerate growth and scale their business internationally. It is a later stage fund than Movac's previous ones and covers an area where there is a gap in investment.
McCaw said it has a strong pipeline of potential investments and had conducted due diligence on a number of companies. He anticipates making the first investments before Christmas.
The fund will remain open until April.
