The AMP Pencarrow Fund, is a 50/50 joint venture between AMP Capital and Pencarrow Private Equity, and has found favour with some of Australasia’s largest investors and asset consultants.
The New Zealand Superannuation Fund (advised by Quentin Ayres) and Quay Partners (an Australian fund of fund investor) have invested along with AMP Life.
“The AMP Pencarrow Fund has a tight investment mandate focusing only on local MBOs and expansion capital transactions,” AMP Capital’s head of private capital, Murray Gribben.
“Clearly this mandate appeals to institutional investors who recognise the investment opportunity and have allocated funds to make this fund the largest private equity fund of recent times.”
The managers aim to have the fund fully invested within five years, focusing mainly on equity investments and shareholder advances of $8 million to $15 million.
The fund will target established companies in sectors with solid fundamentals who have a degree of management ownership and are looking to grow.
Pencarrow Private Equity is a specialist private equity manager established in 1993. In 1998 AMP Capital and Pencarrow established a joint venture arrangement and have invested $150 million in MBO and expansion capital transactions.
AMP Capital and Pencarrow have considerable experience in such transactions having previously invested in a range of businesses including Hurricane Wire Products, Eskimo Logistics Group, Formway, Donaghys and Wellington Drive Technologies. More recently they partnered with Methven senior management in an MBO of the showerware manufacturer and in late 2004 floated the company on the NZX.
AMP Capital is one of New Zealand’s largest private equity investors. Over the past six years it has made 20 private equity investments.
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