KiwiSaver and financial services provider Booster is eyeing further listings to give investors exposure to privately held businesses and assets through public markets.
The firm will list its recently launched Private Land and Property Fund on the NZX on September 18. With equity of $50 million and debt of $17m, the PLPF is a property trust that has been investing for the past two years but was opened up to public contributions "a few weeks ago", Booster Financial Services chair Paul Foley told BusinessDesk.
The fund is one of a range of offerings from Booster, which formerly traded as Grosvenor Financial Services, including the Tahi fund, which makes investments in horticulture, wine production and specialised manufacturing.
Foley described the PLPF compliance listing as "a proof of concept in respect of our funds" and said the company would consider further opportunities to list Booster vehicles following simplification of NZX rules for such listings.
"We are looking at some specific specialised investment exposures," he said, citing the Tahi fund as one that was "not directly publicly accessible for retail investors yet."
"It's worthy of consideration of some level of public participation."
The PLPF holds mainly horticultural and viticultural land and is exposed also to income from cropping, particularly grape harvests.
Those assets may be supplemented with investments in industrial, commercial and retail properties, including land, buildings, bearer plants,and plant and equipment, the PLPF product disclosure statement says.
"The fund obtains its property exposure by buying units in a separate wholesale property fund managed by Booster – the Private Land and Property Portfolio (Wholesale Fund) established under the Booster Investment Scheme."
Investors currently subscribe for units in the property trust, where the Public Trust acts as trustee. They will avoid redemption fees for withdrawals through on-market trading.
Foley said there are no current plans to raise further capital.
Some 30,776,867 units will be listed initially.