Second Commitment to New Zealand Private Equity Announced (4 October)
POSTED ON: 4 October 2005
The New Zealand Superannuation Fund (NZSF) today advised that it has made a $20 million commitment to the Direct Capital Partners (DCP) III fund.
The DCP III fund is managed by Auckland based Direct Capital Management Limited and plans to make investments of between $5 million and $20 million in suitable businesses in both New Zealand and Australia.
This commitment is the second allocation made by the NZSF to the domestic private equity market. It follows a commitment of $23.75 million to the AMP Pencarrow Private Equity fund in June 2005.
In March 2005, the NZSF stated its intention to invest up to $100 million in local private equity funds, or related transactions, over the next three to five years. At that time it also announced the appointment of specialist Sydney-based advisory firm, Quentin Ayers, to review investment opportunities in the New Zealand private equity market. The DCP III fund has been reviewed by Quentin Ayers on behalf of the NZSF.
The value of the New Zealand Superannuation Fund as at 31 August 2005 was $7.2 billion.
For more information please contact:
Paul Costello, CEO, New Zealand Superannuation Fund, 09 300 6980 or 021 661 014 Ross George, Managing Director, Direct Capital Management, 09 369 9222
Notes for Editors:
About Direct Capital Management: Direct Capital was established in 1994, by Ross George, Bill Kermode and Mark Hutton, who continue to own and manage Direct Capital. The team at Direct Capital today has 13 investment professionals who combined have over 70 years private equity experience. Direct Capital Partners III is the seventh fund to be raised by Direct Capital, which currently has NZ$350 million under management. www.directcapital.co.nz.