South Canterbury Finance receivers have signed an agreement to sell a 79.7% stake in apple exporter and cold store company Scales Corporation to Direct Capital for $44 million. The Cullen Fund and ACC have been named as co-investors.

Market troughs and credit crunches are a headache for most investors but for private equity operators they create exciting times.

So, while it might seem like a difficult task to be raising money now, local private equity firm Direct Capital said the launch of its new fund was "very much pro-cycle."

The firm aims to raise $250 million over the next few months, including $60-120 million from retail investors via its second Pohutukawa fund run with ABN Amro Craigs.

Private equity investor Direct Capital has taken a 45 per cent stake in the country’s largest salmon producer, New Zealand King Salmon.

King Salmon was formed in 1996, after Southern Ocean and Regal Salmon merged.

It was fully owned by members of the Malaysian-based Tiong family before Direct Capital took a stake.

The Tiong family also has local interests in the forestry and construction sectors.