October 2020
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October 2020
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NZ Super invests in Movac’s US$250 million technology fund

NZ Super
By Hui Ching-hoo   
September 25, 2020

New Zealand’s NZ Super Fund is one of several domestic institutional investors in venture capital firm Movac’s new technology fund, which has a targeted fundraising of up to US$250 million.

The Movac Fund 5 will invest in technology startups and growth companies in New Zealand.

NZ Super is investing $70 million and government fund NZ Group Capital Partners is putting in up to $30 million, NZ Super says in a statement on September 23.

The sovereign wealth fund says Movac has also invited Kiwi Wealth KiwiSaver Scheme, an investment fund for New Zealanders, to be a cornerstone investor with an investment of up to $54 million. The rest of the investors will be entrepreneurs, family offices, and individuals.

“This investment will help support the growth of local technology businesses that are high growth, typically internationally focused and will benefit from the management expertise and connections that come from an experienced and successful fund manager like Movac,” Del Hart, NZ Super’s head of external investments and partnerships, says in the statement.

NZ Super invested $50 million in another of Movac’s technology funds in 2016.

Wellington-based Movac primarily invests in technology companies in the online retail, financial technology, and medical sectors in New Zealand and the US.

NZ Super had NZ$43.8 billion ($28.6 billion) of total assets as of March 2020.