Pohutukawa VI is modelled on its successful predecessors, Pohutukawa I, Pohutukawa II and Pohutukawa V. Like Pohutukawa I, II and V, Pohutukawa VI will be managed by Direct Capital and will invest pro-rata alongside Direct Capital’s latest institutional fund, Direct Capital VI.
The new fund will continue to focus on mid-market private equity growth investments in New Zealand and Australia.
The Offer was made to Wholesale Investors/Eligible Investors and successfully closed on 20 March 2020 with $70 million raised.
A summary of the Offer is shown below.
100 million Shares at an issue price of $1.00 per Share
Shares on Offer:
Each Share will comprise one ordinary voting share and 100 non-voting redeemable preference shares in Pohutukawa Private Equity VI Limited together with one non-voting preference share in each of the Investment Companies.
An initial subscription of $0.01 per Share subscribed is payable upon application (plus the 1.25% application fee on Committed Capital)
The remaining $0.99 per Share, being the balance up to the Issue Price, will be payable in tranches. Calls can be for a minimum of $0.01 per Share and will be subject to at least 10 days advance notice to the investor. The Board will make calls when the Investment Manager requests it to, in conjunction with calls it makes on Direct Capital VI.
The proceeds of the initial tranche, and each subsequent call, will be applied to successively pay up in full the non-voting redeemable preference shares in Pohutukawa Private Equity VI Limited represented in each Share
50,000 Shares, and 25,000 share increments
2.00% (plus GST) per annum of Committed Capital payable quarterly in advance until all Committed Capital has been called or five calendar years from Closing Date, whichever is earlier. Thereafter, the Management Fee will be 2.00% (plus GST) per annum of Invested Capital. The Management Fee will cover the cost of both the investment and administration management functions
Board of Directors of Pohutukawa Private Equity VI Limited
The Board is responsible for overseeing the administration and treasury functions of Pohutukawa VI. This role involves all communication with shareholders in Pohutukawa VI and managing the flow of funds between the Investment Manager and the shareholders of Pohutukawa VI. The Board of Pohutukawa Private Equity VI Limited comprises two directors: Neil Craig and Ken Phillip.
Neil Craig is Executive Chairman of Craigs Investment Partners, and Ken Phillip is the Chief Financial Officer of Craigs Investment Partners. Both Neil and Ken have many years of experience in administrative roles associated with the Pohutukawa group of companies.
Supporting the directors in administration of Pohutukawa VI will be Peter Lalor of Craigs Investment Partners , the executive officer for the Fund.
Neil John Craig (Non Executive Chairman)
Neil is the founding principal and Executive Chairman of Craigs Investment Partners, a New Zealand Exchange Participant Firm, a company he has been instrumental in building from a small regionally based sharebroking business in Whakatane to its current position as a leading New Zealand investment advisory firm. Craigs Investment Partners has over 500 staff across 19 branches throughout New Zealand. Neil has a broad experience in private equity transactions, stock exchange listings, capital raisings and corporate activity for a wide range of companies. In a personal capacity Neil has been an active private equity investor for many years.
Neil is currently a director of Pohutukawa Private Equity V Limited, Pohutukawa Private Equity II Limited, Kowhai PE Management Limited, Karaka Management Limited, Matai Management Limited, Pilot Bay Funds Management Limited and Oriens Capital Limited, and a director of a number of privately held companies.
Kenneth Christopher Phillip (Non Executive Director)
Ken is Chief Financial Officer of Craigs Investment Partners. Ken is also a director of Pohutukawa Private Equity V Limited, Pohutukawa II Management Limited, Kowhai PE Management Limited, Karaka Management Limited, Matai Management Limited,Pilot Bay Funds Management Limited and a number of Craigs Investment Partners subsidiary and associate companies including QuayStreet Asset Management Limited, Custodial Services Limited, and Craigs Investment Partners Superannuation Management Limited.
Board of Directors of Investment Companies
The board of directors of each Investment Company will be appointed by Direct Capital VI Investment Partners LP as the holder of the ordinary shares in each Investment Company. Direct Capital VI Investment Partners LP will utilise its director appointment and voting rights in respect of Investment Companies as may be instructed from time to time by the Investment Manager.