<article>Pencarrow Private Equity has announced the completion of its first and final close on its latest fund, Pencarrow V, at the hard cap of NZ$ 250 million ($176 million).</article>

Pencarrow Private Equity has announced the completion of its first and final close on its latest fund, Pencarrow V, at the hard cap of NZ$ 250 million ($176 million).
The fundraising, which took around eight weeks to complete in an oversubscribed round, raised a total fund that was significantly above its target of $141 million, the company stated in an official release.
Investors contributing to the fund are predominantly New Zealand based, with support from leading New Zealand institutions, iwi foundations and community trusts as well as private investors.
Pencarrow typically makes investments in companies with enterprise values ranging from $20 million to $100 million. The firm said the latest fund will focus on investments in management buyouts, succession deals and expansion capital opportunities among privately held companies in the mid-market segment in New Zealand.
Target investees of the new fund are companies with proven business models, profitable track records and will usually require capital to achieve further growth, expand internationally, or assist with ownership succession. The fund has so far already been invested into one company operating in the food and beverage segment.
At $176 million, the latest fund is more than double the size of its previous largest fund, Pencarrow IV. The fund, which raised NZ $124 million ($87 million) in 2013, includes a cornerstone NZ $30 million ($21 million) commitment from the New Zealand Superannuation Fund, alongside investment from a range of other New Zealand institutions and private investors.
The focus of the fund was on investing in management buyouts, succession deals and expansion capital opportunities among privately held companies in the mid-market segment in New Zealand.
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The fundraising, which took around eight weeks to complete in an oversubscribed round, raised capital significantly above its target of $141 million, the company said.

New Zealand's PE firm Pencarrow closes fifth fund at $176m

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New Zealand's PE firm Pencarrow closes fifth fund at $176m

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