Private equity investor Oriens Capital has raised its second fund after reaching the targeted $80 million. The fund is now accepting over subscriptions and is on target to raise $100m at close.
Following the successful capital raise for the new fund, Oriens will be increasing the size of its Tauranga-based investment team from four to six.
Oriens was formed in 2016 with the support of Quayside Holdings, and has successfully established itself as a leading private equity investor in mid-sized businesses. This is a section of the economy not served by most other New Zealand private equity funds.
The Fund has become a key player in New Zealand’s entrepreneurial infrastructure.
Capital deployed in our space can make a real difference and it is very satisfying to be helping these companies achieve their growth ambitions.– James Beale
Oriens raised $50.6 million for its first fund and has successfully deployed capital into six investments including miniature apple business Rockit Global, ag-tech business Bluelab, and market-leading manufacturing business Rhino Manufacturing.
Earlier this year, NZX listed company Just Life Group completed the purchase of About Health Supplements from Oriens Fund 1.
Oriens Fund 2 will invest equity capital into private New Zealand businesses of between $10 million and $50 million, drawing on the networks and investment pipeline the team has built over the last five years, said Peter Tinholt, a partner of Oriens.
“It will aim to build a portfolio of six to nine investments,” said Tinholt.
The fund is likely to remain open to eligible and wholesale investors until early July, 2021.
Excellent investment opportunities
“The section of the economy on which we focus offers excellent opportunities to invest in and support high quality ambitious businesses with strong domestic market positions and often untapped export opportunities,” said Tinholt.
Oriens offers capital, networks and expertise and partners with business founders and owners in both expansion capital and succession capital transactions to help these companies achieve their potential.
Oriens partner James Beale said he was proud of Oriens record of success and the contribution it is making to the New Zealand economy.
“Through Oriens Fund 1 in partnership with other shareholders, we have assisted in the creation of more than 120 jobs across our portfolio of companies and assisted in a more than tripling of export revenue and earnings,” said Beale.
“Capital deployed in our space can make a real difference and it is very satisfying to be helping these companies achieve their growth ambitions.”
Oriens Capital has reported positive Fund 1 investment performance on the back of the underlying portfolio company growth.
Investors in Fund 2 include specialist private equity investor Continuity Capital from Australia, community entities, charitable organisations iwi investment entities and individuals joining existing Fund 1 investors – most of which have also invested into Fund 2.