Tuesday 4th October 2005
|Text too small?|
NZSF has committed $20 million to the Direct Capital Partners III fund, which invests in businesses in New Zealand and Australia.
The Direct Capital III fund is the seventh fund raised by Auckland-based Direct Capital Management, which has $350 million under management.
The firm was established in 1994 by Ross George, Bill Kermode and Mark Hutton.
In March this year NZSF announced plans to invest up to $100 million in local private equity funds over the next three to five years.
Its first investment was committing $23.75 million to the AMP Pencarrow Private Equity Fund in June.
Today's investment was given the green flag by NZSF's independent advisors, Quentin Ayers.
The NZSF, established by the Government in September 2003, is intended to partially provide for the future cost of superannuation, which is expected to double in the next 50 years.
The Government plans to allocate an average of $2.2 billion a year to the fund over the next 20 years, with the fund expected to grow to about $100 billion by 2020.
The value of the NZSF as at August 31 was $7.2 billion.
No comments yet
NZ dollar stalls amid doubts on US-China trade deal
Tourist numbers perk up in August as Aussies more than offset declining Asian demand
Peters to unions: strikes not helpful; no word on Fair Pay Agreements
Oil and gas critical to global emissions reduction effort - BP
Ebos pays A$34m for medical devices businesses
House price inflation ticks higher as sales volumes recover
Fletcher in $31 mln dispute with ministry over Greymouth hospital
NZ dollar eases as markets fret about US-China trade talks
15th October 2019 Morning Report
CTU pressures govt for Fair Pay Agreements