Mana Tupu Capital · Investment Funds
Two funds.
One platform.
New Zealand.
Venture Fund I targets New Zealand's high-growth technology sector. The PE/SME Buyout Fund acquires established, cash-generative businesses. Venture Fund I is an AIP approved fund. Both are institutionally governed and managed through a single integrated platform.
FinTech · AgriTech · GreenTech
Series A and B equity investments into New Zealand's highest-potential growth companies. Listed as an Acceptable Managed Fund under the Invest NZ Active Investor Plus programme — investors can count committed capital towards AIP residency requirements.
Fund Objective
Superior returns from NZ's innovation economy.
Venture Fund I targets a diversified portfolio of early- and growth-stage NZ-connected ventures with strong potential for scale, innovation, and long-term capital appreciation across three sectors where New Zealand's competitive advantages are most pronounced.
Investment decisions prioritise commercial traction, founder capability, defensible intellectual property, and clear exit pathways. Capital is deployed in tranches against milestones — protecting investor capital while ensuring portfolio companies deliver on their commitments.
Sector Focus
Where NZ leads
the world.
Three sectors chosen for structural alignment with New Zealand's competitive advantages — and the size of the global opportunity each addresses. AI and Big Data intersect across all three.
Open banking, payments infrastructure, lending technology, wealth management platforms, and compliance tools. NZ's largest tech vertical by revenue entering an acceleration phase with competition reform tailwinds.
Precision agriculture, food technology, provenance tracking, and supply chain innovation. Building on NZ's globally competitive primary sector with technology that travels internationally.
Clean energy software, grid optimisation, storage technology, and industrial electrification. NZ's 85% renewable electricity base creates a natural deployment environment for climate technology with global export potential.
Investment Process
Rigorous by design.
Every time.
Established NZ Businesses
Majority acquisitions of cash-generative New Zealand SMEs in the $3M–$30M revenue range using preferred equity and loan note structures — generating income distributions alongside long-term capital growth.
97% owner-operated. Deep fragmentation creates a structural supply of acquisition opportunities unavailable in larger markets.
NZ SME transactions typically occur at 1.5×–3.5× EBITDA — well below Australian (4–7×) and US (6–12×) benchmarks. That gap is the opportunity.
Aggregated sector platforms exit at institutional multiples. The compression between entry and exit is the core PE return driver.
Preferred equity and loan note structures generate current income distributions from operational cash flow — ahead of ordinary equity.
The Strategy
Acquire. Improve.
Aggregate. Exit.
New Zealand has over 600,000 businesses — the vast majority owner-operated, many approaching succession with no private equity infrastructure to facilitate transition. We acquire majority positions in these businesses at low multiples, improve operations and governance, aggregate into sector platforms, and exit at institutional valuations.
Private equity has delivered 14.28% net IRR over the long term versus 9.24% for the S&P 500. NZ's entry multiple advantage creates scope to access returns that benchmark above the global PE median.
Side by Side
Fund comparison.
| Venture Fund I | PE/SME Buyout Fund | |
|---|---|---|
| Status | Open Now | Q1 2027 |
| Strategy | Venture / growth equity — early- and growth-stage tech companies | Private equity — majority buyouts of established NZ SMEs |
| Sectors | FinTech · AgriTech · GreenTech · AI & Big Data | Sector agnostic — $3M–$30M revenue, cash-generative |
| Min. Investment | NZD 5M | TBC |
| Target Returns | 3–5× MOIC | Cash+ income & capital growth |
| Income | No current income — realised at exit | Regular distributions via preferred equity & loan notes |
| AIP Status | ✓ Approved Fund | — |
| Management Fee | 2% p.a. on invested capital | TBC |
| Performance Fee | 20% carried interest on realised gains | TBC |
| 治理 | Independent Investment Committee majority · Full IC Charter · Myndra investor portal · Same governance across both funds | |
Venture Fund I — AIP Approved Fund
Venture Fund I is listed as an Acceptable Managed Fund under New Zealand's Active Investor Plus programme. Investors can count their committed capital towards AIP Growth Category residency requirements, subject to Invest NZ eligibility criteria. Our team guides investors through the full immigration and investment process.
Ready to invest in
New Zealand's future?
Venture Fund I is open now. The PE/SME Buyout Fund launches Q1 2027. Speak with our team about which fund suits your objectives — or request the Information Memorandum for either.