New Zealand's Oriens hits $56m Fund II target

Oriens’ first fund closed at NZ$50.6 million in late 2016, comfortably beating the NZ$30 million target. Most of the investors in that fund are also backing Fund II, including Quayide Holdings, a regional government investment arm, and local advisory firm Craigs Investment Partners.

Other LPs include Continuity Capital and various community entities such as charitable organizations. Among them are financial entities representing various groups of the indigenous Maori people, which have been increasingly active in private equity in recent years.

Oriens, which is headquartered in the small northern city of Tauranga, is now planning to increase the size of its investment team from four to six. Fund II will remain open until early next month.

The firm, founded in 2016, aims to differentiate itself by focusing on regional businesses with enterprise valuations in a range of NZ$10-50 million. Fund II is expected to back 6-9 companies. Historically, areas of interest include logistics, manufacturing, food, tourism, and agriculture.

“The section of the economy on which we focus offers excellent opportunities to invest in high quality ambitious businesses with strong domestic market positions and often untapped export opportunities,” Peter Tinhold, a partner at Oriens, said in a statement.

Standout Fund I investments include Rockit, a company that sells tubes of specially bred miniature snack applies across several international markets. Oriens joined local GP Pioneer Capital to take a combined 55% stake in the business in 2017.

The portfolio also features Retirement Income Group, Rhino Manufacturing, and agriculture technology provider Bluelab. The last investment from Fund I came earlier this year, with Oriens taking a 70% stake in IVS Group, a biosecurity services that helps exporters and importers navigate various regulatory clearance services.

There has been at least one exit, with Just Life Group, a listed company that develops healthy consumer products, acquiring About Health Supplements in April for about NZ$20 million. Oriens acquired a 70% stake in the business in 2019 for an undisclosed sum.

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• Topics
• Australasia
• Fundraising
• Growth
• Buyout
• New Zealand
• Oriens Capital