New private equity fund targets local companies

Wellington-based private equity firm Pencarrow is targeting mid market management buyouts and growth companies with its latest fund completing a first close of $77 million.

Executive director Nigel Bingham says the Pencarrow IV Fund will seek further commitments as it aims to raise between $100 million and $150 million before a final close later next year.

Initial fundraising kicked off following a cornerstone commitment of $30 million by the Guardians of New Zealand Superannuation.


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