AMPAM gets Private Capital away
AMP Asset Management has fallen $5.5 million short of its target capital raising for its private capital offer, but has attracted sufficient interest to kick off the fund.
Monday, March 20th 2000, 12:00AM
The company aimed to raise $25 million and had the ability to accept up to $75 million, however when the offer closed on Friday (after a three week extension) it had attracted $19.5 million.
"We’re delighted at the response to the offer," AMPAM head of private capital Martin Turner says. "While we were hoping to attract up to $25 million, it’s important to remember that this asset class is new to the New Zealand market and with a minimum investment of $30,000, this wasn’t for everyone."
"In addition to this, feedback from advisers and brokers has suggested that there may be sufficient demand to consider a second private capital retail tranche as more New Zealand investors become aware of the advantages of this asset class."
The funds raised in the offering will be invested alongside AMPAM's own funds in a 10 year closed investment. The wholesale component of the offer will close on 17 April as scheduled. The monies raised will be invested in management buy-outs and expansion capital opportunities in private companies.
AMPAM commenced private capital operations in New Zealand a year ago. Since then it has invested over $80 million in eight successful transactions, the most recent being the management buy out/delisting of Donaghys Limited in January.
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