Pohutukawa V is modelled on its successful predecessors, Pohutukawa I and Pohutukawa II. Like Pohutukawa I and II, Pohutukawa V will be managed by Direct Capital and will invest pro-rata alongside Direct Capital’s latest institutional fund, Direct Capital V.
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 19 December 2016 with $50 million raised. The offer was significantly oversubscribed.
Board of Directors of Pohutukawa Private Equity V Limited
The Board is responsible for overseeing the administration and treasury functions of Pohutukawa V. This role involves all communication with shareholders in Pohutukawa V and managing the flow of funds between the Investment Manager and the shareholders of Pohutukawa V. The Board of Pohutukawa Private Equity V Limited comprises three directors: Neil Craig and Ken Phillip.
Neil Craig is the founding principal and a director of Craigs Investment Partners, and Ken Phillip was previously 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 V will be Peter Lalor of Craigs Investment Partners, the executive officer for the Fund.
Neil Craig (Non Executive Chairman)
Neil is the founding principal and a director 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 approximately 500 staff across 18 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 Ltd, the first Pohutukawa fund, Pohutukawa Private Equity II Ltd, Oriens Capital Ltd Kowhai PE Management Ltd, Karaka Management Ltd, Matai Management Ltd and a number of privately held companies.
Ken Phillip (Non Executive Director)
Ken was previously the Chief Financial Officer for Craigs Investment Partners. Ken is also a director of Pohutukawa Private Equity VI 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 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 V Investment Partners LP as the holder of the ordinary shares in each Investment Company. Direct Capital V 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.
Where: New Zealand
About: AS Colour is a leading provider of high quality blank apparel and other merchandise to the international screen and digital printing industry, a sector often referred to as printwear. AS Colour is predominantly a business to business wholesaler, supplying its proprietary products into a diverse range of end uses, including concert and event merchandising, corporate events, speciality retail, uniforms, team apparel, and promotional activities.
Sector: Corporate Trustee
Where: New Zealand
About: BSC Limited is the parent company of Complectus Limited, which has entered into a re-financing agreement and long-term partnership with local private equity firm Direct Capital. *Direct Capital will have an option to convert the loan for 50% of the shares in Complectus at a point in the future.
The partnership positions the company for growth and expansion in a sector that is adapting to rapid change in the management of trusts and estates for families, and increasing compliance and fiduciary supervision in the corporate trust sector, for which Complectus (which comprises Perpetual Guardian, Guardian Trust, Covenant and New Zealand Trustee Services) is the market leader.
Sector: Health Services
About: Exact Radiology is a diagnostic imaging business operating and servicing a network of 13 radiology clinics in South East Queensland, Australia. Exact provides high quality diagnostic imaging services including MRI, CT, ultrasound, x-ray and nuclear medicine. Founded in 2007 with one clinic, Exact has grown organically to operate nine clinics and provide radiology reading services to a further four clinics and Ipswich Hospital in South East Queensland.
Sector: Retirement Village
About: Qestral Corporation is a Christchurch based operator of premium retirement villages in New Zealand. Qestral’s portfolio includes Alpine View Lifestyle Village and Burlington Village in Christchurch, and sites in Nelson and Hamilton. Qestral is chaired by John Ryder, who was the joint founder and Managing Director of Ryman Healthcare.
Sector: Construction Services
About: Beca is an employee-owned engineering and management consultancy firm, employing more than 3,000 across 20 offices across Asia Pacific. Founded in 1918 by Arthur Gray, Beca is a market leader in its field, providing consultancy services across key sectors including Advisory, Building, Industrial, Transport and Infrastructure, and Water.
Sector: Health Services
About: Caci is New Zealand’s leading provider of skin and appearance treatments, operating a franchise network of over 50 clinics throughout New Zealand.
Sector: Equipment Rental
About: TR Group is New Zealand’s largest heavy vehicle rental and lease company.
Pohutukawa V has realised the following investments to date: