Punakaiki Fund plans to seek as much as $50 million in an initial public offering to invest in New Zealand internet, technology and design companies with high growth potential.
Punakaiki expects to offer $20 million to $50 million of shares in the fund from about late June, the fund said in a statement. The fund would be managed by Lance Wiggs Capital Management, which is 66.7 per cent owned by Lance Wiggs and 33.3 per cent owned by Chris Humphreys.
Money raised from the offer would be invested in New Zealand-based growth companies from early seed to mid-growth stages, the statement said. Punakaiki aims to make long-term investments in companies which can generate early revenues, grow revenue and profits and create a sustainable competitive advantage through internet, technology or design, it said.