Maui Capital raises one third of capital for new fund

Paul Chrystall, Maui's managing director, told The New Zealand Herald that the firm is now seeking up to NZ$150 million from small-scale domestic investors.

This is the fourth fund raised by the existing management team, but only the second to appear under the Maui Capital name. The first two vehicles came when Chrystall and his colleagues were at JBWere, the product of a strategic alliance between National Australia Bank and Goldman Sachs.

In contrast to the large institutions that dominate Australia's LP base, New Zealand fund managers have traditionally relied on commitments from small institutions and high net worth individuals. The Indigo Fund was something of an anomaly in that it attracted capital from three Australian fund-of-funds that took up half the allotment. The remainder came from around 900 smaller investors in New Zealand, putting in at least NZ$100,000 apiece.

Maui's new fund is expected to back 5-8 companies, valued between NZ$30 million and NZ$200 million. The Indigo Fund made its final investment in February, acquiring Australian fruit and vegetables supplier Freshmax from Wolseley Private Equity.

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• Topics
• Australasia
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• Fundraising
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• Maui Capital