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The decade-long partnership between the New Zealand Superannuation Fund and leading local technology investor Movac continues, with the Super Fund committing $35 million to Movac’s Growth Fund 7 (MGF7).
The Super Fund is one of several institutional investors to back MGF7, which has raised $185 million at first close, almost double its initial target, and expects to hit its $200m fund cap next month.
Mark Vivian, Partner at Movac, said that strong support demonstrated investor confidence in Movac’s disciplined investment approach and strong track record, and reflected the considerable opportunities presented by New Zealand’s maturing technology sector.
Rishab Sethi, Acting Director of Private Equity at the Guardians of New Zealand Superannuation, manager of the $93 billion Super Fund, said the Super Fund had been the largest investor in several of Movac’s previous funds and the two organisations had built a close and highly effective working relationship.
“We're always looking for commercially attractive opportunities to invest in New Zealand,” said Sethi.
“For the past 10 years, Movac's growth funds have given us a way to support local companies when they need that support the most, to contribute to New Zealand's burgeoning tech sector, and to generate positive returns for the Super Fund. We're very pleased to further develop our partnership with them.”
The Super Fund has consistently maintained a strong bias towards its home market, with some 11 percent of its portfolio invested in New Zealand assets – including more than $500 million in private companies via external managers such as Movac.