Pie adds new ingredient to its funds
Pie Funds has partnered with a venture capital firm to help unlock the potential of New Zealand’s next generation of founders.
Tuesday, February 3rd 2026, 8:40AM
The Auckland-headquartered fund manager has entered a new partnership with Altered Capital, becoming the first KiwiSaver provider to invest in the New Zealand venture capital firm.
The investment will form between 2-4% of the Pie KiwiSaver Scheme Aggressive Fund, giving members access to a concentrated portfolio of high-growth private New Zealand technology firms.
Altered Capital’s venture strategy focuses on backing exceptional founders who have already proven product–market fit and are looking to scale rapidly. The firm’s approach combines deep local support with global venture expertise, helping ambitious founders unlock their potential and take New Zealand innovation to the world.
Altered’s previous New Zealand investment success stories include Crimson Education (global education-tech), Starboard (maritime intelligence) and Oritain (supply chain verification).
As part of the partnership, Pie Funds founder and Chief Investment Officer Mike Taylor will join Altered Capital’s Advisory Committee, a governance group that ensures alignment between the manager and its investors.
Pie Funds Chief Executive Ana-Marie Lockyer said “this partnership strengthens our commitment to supporting ambitious Kiwi founders and provides our KiwiSaver members with access to high growth opportunities normally reserved for wholesale investors. Altered Capital’s philosophy of unlocking potential aligns strongly with Pie’s boutique, high-conviction approach.”
“Altered exists to unlock potential – we invest in ambitious New Zealanders scaling big ideas with proven traction," Altered Capital Managing Partner McGregor Fea said. "Pie Funds is an exceptional New Zealand company, with a team that we admire. Their involvement reflects a shared belief in backing great founders to build globally competitive companies from New Zealand.
The investment builds on Pie Fund’s existing exposure to New Zealand start-ups through the Pie KiwiSaver Growth Fund’s investment in Icehouse Ventures, broadening access to innovation for more KiwiSaver members.
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