Punakaiki Fund, the long-term investor in high-growth local firms set up by Lance Wiggs, wants to go public in the middle of 2019 with at least $100 million of assets and will put a plan in front of shareholders at next year’s annual meeting.
The Auckland-based fund has built up an investment portfolio worth $28.4 million across 19 companies. In the year ended March 31 (2017), it invested $3.4 million and recognised a $5.6 million gain in the fair value of its portfolio. That helped the fund generate a net profit of $4.1 million, compared to $2.8 million a year earlier when the fair value gain was $3.7 million.
“We believe that as a listed investment company we should have assets of at least $100 million to ensure that the ongoing costs are reasonable,” said Chairman Mike Bennetts. “We will provide a considered opinion on the options for listing (or not) for shareholders to vote on at Punakaiki Fund’s annual meeting in 2018”.
Punakaiki Fund used private equity investment marketplace Snowball Effect alongside wholesale and retail offers to raise capital for the investment entity. Since then, Punakaiki has raised $5.5 million from 618 shareholders.