Pencarrow fund holds first close on $59m
New Zealand-based Pencarrow Private Equity has held a first close of its fourth private equity fund on NZ$77 million ($59 million).
Pencarrow IV, which will invest in expansion-stage deals and mid-market buyouts of privately held companies in New Zealand, counts local institutional and private investors among its LPs. It has also received a cornerstone commitment of NZ$30 million from the Guardians of New Zealand Superannuation.
The vehicle, which is larger than the NZ$75 million fund Pencarrow raised in 2005, has a targeted between NZ$100-$150 million for its scheduled final closing in 2012. It now intends to seek funding from overseas investors as well.
"The fund will target investments in New Zealand companies with enterprise values primarily in the range of NZ$20 million to NZ$100 million," said Pencarrow executive director Nigel Bingham.
He added that the firm's previous fund achieved a strong performance and generated "very high" cash returns for investors.
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