The New Zealand Superannuation Fund (NZ Super) was an investor in Movac Growth Fund 7, local venture capital firm Movac’s new technology startup fund.
The fund was launched last month with NZ$185 million (US$105 million) initial fundraising, including NZ$35 million from NZ Super. It will mainly focus on growth-stage local tech companies.
“NZ Super has been the largest investor in several of Movac’s previous funds, and the two organisations have built a close and highly effective working relationship,” the sovereign wealth fund says in a statement on June 23 announcing the new investment.
According to Rishab Sethi, acting director of private equity at Guardians of New Zealand Superannuation, supervisor of NZ Super, Movac’s growth funds have over the past decade “given us a way to support local companies when they need that support the most, to contribute to New Zealand’s burgeoning tech sector”.
NZ Super manages NZ$93 billion of assets, including 11% allocated to domestic assets.
