Mana Tupu Capital · Fund I · Open Now
Venture Fund I.
New Zealand's next
generation of growth.
A wholesale managed investment scheme targeting high-growth New Zealand ventures across FinTech, AgriTech, and GreenTech. AIP Growth Category compliant. Minimum NZD $1M. Target fund size NZD $50M.
Fund Objective
Superior long-term returns
from New Zealand's
innovation economy.
Venture Fund I targets a diversified portfolio of early- and growth-stage New Zealand and NZ-connected ventures with strong potential for scale, innovation, and long-term capital appreciation.
Investment decisions prioritise commercial traction, founder capability, defensible intellectual property, and clear pathways to liquidity through merger, acquisition, or IPO events. The Fund deploys capital across FinTech, AgriTech, GreenTech, AI, and Big Data — the sectors where New Zealand's competitive advantages are most pronounced.
The Fund is established as an AIP Visa Growth Category fund and invests strictly in accordance with the requirements set out by Invest NZ. All investments are made in entities with a New Zealand Connection — incorporated, tax-resident, and operationally based in New Zealand.
Sector Focus
Where New Zealand
leads the world.
Three sectors chosen for their structural alignment with New Zealand's competitive advantages — and the size of the global opportunity they are addressing. AI and Big Data intersect across all three.
New Zealand's largest tech vertical by revenue. Open banking implementation, API-enabled payments, and data services are entering an acceleration phase. Competition reform and regulatory tailwinds create a significant window for new entrants and bank–fintech partnerships.
New Zealand's primary sector is globally competitive and highly technology-addressable. Government and industry support through the Agritech Industry Transformation Plan provides a steady pipeline of commercially scalable companies addressing productivity, provenance, and emissions outcomes.
~85% of New Zealand's electricity is from renewable sources. A structural context favouring grid-scale optimisation, storage, and industrial electrification solutions. Software, power-electronics, and enabling technologies across the clean energy value chain represent a significant investable universe.
The NZ Opportunity
World-class founders.
Undercapitalised
by global standards.
New Zealand produces founders who build globally relevant platforms. Shane Legg, educated at Waikato and Auckland, co-founded DeepMind — whose breakthroughs in AI ultimately became core to Alphabet's global strategy. Ernest Rutherford, born in Nelson, won the Nobel Prize for physics. The pipeline is real. The capital has not caught up.
NZ venture and early-stage investment reached a record NZD $587.6M in 2024. By international standards — against comparable innovation economies like Israel, Denmark, or Singapore — that figure reflects a significant structural underfunding relative to the quality of the talent and deal flow the ecosystem produces.
That gap is the opportunity. Disciplined early-stage capital, applied to a pipeline of research-anchored founders with global ambition and local execution, is precisely the investment thesis Venture Fund I is built around.
Investment Approach
Rigorous origination.
Active ownership.
The Fund operates a proactive origination strategy through founder networks, venture accelerators, research institutions, and co-investment relationships. Every investment travels a defined path — from sourcing through IC approval to active portfolio management and exit planning.
Conservative sizing and valuation discipline underpin all underwriting. Milestone-based funding, founder alignment requirements, and staged drawdowns reduce the probability and severity of loss in stressed scenarios. Diversification across sector, stage, and company ensures no single investment can materially impair portfolio performance.
Proactive pipeline through founder networks, accelerators, universities, corporate innovation partners, and co-investment relationships with leading NZ venture capital firms.
Market fundamentals, total addressable market, customer adoption, competitive landscape, scalability, and AIP NZ Connection compliance assessed before progressing to full diligence.
Commercial, financial, technical, legal, and ESG dimensions. Includes founder capability, IP defensibility, revenue model stress-testing, and assessment against UN SDG alignment and exclusion-list criteria.
Comprehensive IC report with detailed risk assessment, scenario modelling, mitigation strategies, and defined exit pathways. Majority IC approval required for all investments. Independent majority must be present at quorum.
Board or observer rights, structured reporting cadence, milestone monitoring, and performance covenants. Hands-on support through governance, commercial introductions, hiring, and go-to-market execution.
Multiple exit pathways documented from entry: trade sale, merger, secondary sale, or IPO. Governance and reporting standards maintained to enable efficient transferability and maximise recovery value at exit.
Why This Fund
What investing in
Venture Fund I delivers.
Curated exposure to New Zealand's innovation economy — with professional sourcing, active value creation, and multiple exit pathways — through a single, institutionally governed vehicle.
Professional sourcing through relationships with incubators, accelerators, universities, and founders produces deal flow individual investors cannot access directly. Rigorous screening focuses capital on validated propositions.
Broad exposure across FinTech, AgriTech, and GreenTech — and across early to growth-stage — ensures greater risk-adjusted returns compared to backing companies at a single lifecycle stage.
Governance participation, commercial introductions, and go-to-market support accelerate portfolio companies. Strategic syndication with experienced co-investors improves capital efficiency and exit prospects.
Independent Investment Committee, formal IC Charter, conflict of interest protocols, milestone-linked capital deployment, and standardised reporting increase transparency and protect investor capital throughout the lifecycle.
Pooled capital unlocks deal terms, co-investment opportunities, and governance rights unavailable to single investors. The fund structure manages administration, reporting, and compliance on behalf of all unitholders.
Every investor receives access to the investor portal for real-time tracking of holdings, reporting, fund updates, and AIP compliance documentation — from anywhere in the world.
Material Risks
Venture investment
is not without
significant risk.
Investments in early- and growth-stage companies carry distinct and substantial risks. The Fund manages these risks through disciplined origination, conservative structuring, and active portfolio oversight — but cannot eliminate them.
Investors should read the full Information Memorandum carefully before committing capital and seek independent financial, legal, and tax advice. An investment in the Fund is not suitable for retail investors and should only be made by investors who can sustain a total loss of their investment.
Request the Full IM →Early- and growth-stage companies may not achieve forecast revenue or profitability, leading to partial or total capital loss. A proportion of portfolio companies should be expected to fail.
Key founders or management teams may lack the capability or discipline to scale effectively. Personnel changes, founder conflicts, or governance failures can materially impair company performance.
Venture investments are inherently illiquid. Exit events such as trade sales, mergers, or IPOs may take longer than anticipated or may not occur. Units are not redeemable on demand and there is no established secondary market.
Private market valuations are inherently subjective and can fluctuate significantly depending on market sentiment, macro conditions, or subsequent funding rounds at lower valuations.
Changes in tax, securities, or immigration policy — or failure of a portfolio company to comply with AIP, ESG, or regulatory standards — could materially affect investment outcomes and visa eligibility.
Investors using this fund for AIP Residence Visa purposes must maintain their investment for the required holding period. Early redemption requires Immigration NZ approval. Breach of holding conditions may result in visa cancellation.
Calculated on Invested Capital for the first two years; thereafter on Total Asset Value. An upfront equivalent of 4% may be applied on allotment, covering years one and two.
Carried interest on realised profits from exit events only. Calculated on a per-asset realisation basis. The Investment Manager only benefits when investors benefit — on realised gains, not paper valuations.
Third-party fund custody, accounting, audit, legal, and insurance costs. Paid on actual invoiced basis, capped at NZD $250,000 per annum or 0.6% of Target Fund Size, whichever is larger. All fees shown exclusive of GST.
How to Invest
Four steps to
becoming a unitholder.
Investment in the Fund is restricted to Wholesale Investors only as defined under the Financial Markets Conduct Act 2013.
Contact our team to receive the full Information Memorandum, Subscription Agreement, and supporting documentation.
Complete AML/KYC requirements and confirm Wholesale Investor status through our investor portal. Provide required identity and source of funds documentation.
Execute the Subscription Agreement and transfer your investment to the Fund's NZ bank trust account. Units are issued following acceptance and cleared payment.
Receive portal access for live tracking of your holdings, fund reporting, distributions, and AIP compliance documentation throughout the investment period.
This fund is offered to Wholesale Investors only as defined under clause 3 of Schedule 1 of the Financial Markets Conduct Act 2013. The minimum amount payable on acceptance is NZD $750,000 or more. This offer does not require full disclosure under the FMCA and you may receive a less complete set of information than a regulated offer. Investments of this kind are not suitable for retail investors. Ask questions, read all documents carefully, and seek independent financial advice before committing. No person guarantees any specific rate of return or that you will retain your capital.
Ready to explore
Venture Fund I?
Qualified wholesale investors can request the full Information Memorandum and Subscription Agreement. Our team will respond within one business day and walk you through eligibility, fund terms, and the AIP pathway.