The investment will come from Pie’s KiwiSaver Growth Fund and aligns with Pie’s ongoing commitment to creating a well-rounded investment portfolio for its KiwiSaver members that balances risk and reward by incorporating growth-stage investments alongside more traditional asset classes.  The Fund has had an impressive year, up 25% for the 12 months to 30 September 2024 (before fees and before any individual applicable tax).  The Fund was also ranked 1st for 1-year performance in its relevant fund category, according to investment research company Morningstar in their June Quarter 2024 KiwiSaver Survey.

Late-stage investing presents an exciting opportunity for investors, supporting genuine Kiwi innovation whilst combining the stability of established operations with the potential for upside as these investments reach new growth milestones, says Pie’s Chief Investment Officer, Mike Taylor.

“We’re absolutely delighted to be able to give our investors a mechanism for tapping into the deal flow of New Zealand’s most active venture investor.  We think more Kiwis should be able to be part of the journey of some of these exceptional companies, right here in our own backyard”, says Taylor.

“We are confident this fund aligns with our long-term investment objectives and provides real value for our KiwiSaver members”.

Robbie Paul, CEO of Icehouse Ventures, says Pie’s backing is a significant endorsement. “I’ve admired Pie’s mission and business ever since attending their Investor Day in 2017. Mike and the team have spent more than a decade studying, investing in, and championing great Kiwi and Australasian companies. Their investment in Growth Fund II speaks volumes of the quality of the entrepreneurs that we are supporting.”

Icehouse Ventures’ Growth Fund II focuses on businesses that have moved beyond the early growth stage and are ready for additional capital to accelerate their growth.  These companies have already built solid foundations, demonstrated significant progress, and are now poised for substantial growth and success.

Existing portfolio companies include global education technology company, Crimson Education, ag-tech leader Halter, and commercial real estate software Re-Leased. Growth Fund II companies are collectively generating ~$300m in annual revenue, up from $150m just three years ago.

One of their most recent investments is Timescapes, a fast-growing software company that provides powerful analytics to the construction industry. Formed in 2016 by Chester Boyes, Timescapes now serves more than 100 customers including Fulton Hogan, HEB, Fletcher, Downer, and Hawkins.

Icehouse Ventures’ Growth Fund II led the Timescapes Series A capital raise alongside early shareholders and founders of Pushpay. Their raise will fuel growth in the North American market where they are already seeing encouraging traction.

Pie Funds is a New Zealand KiwiSaver, investment funds and wealth manager with over $2b funds under management.  Established in 2007, Pie has a range of specialised actively managed KiwiSaver and investment funds. Its fund managers, based on the ground in New Zealand, Australia and United Kingdom, focus on selecting high-growth, quality companies with great management and competitive advantage. The Pie team have an absolute commitment to providing strong performance, excellent client communication and service.

Icehouse Ventures is an active venture capital firm on a mission to be transformative investors in transformative Kiwi technology companies. They have invested >$480m into 327 companies since 2003 and were among the earliest investors in Halter, Tracksuit, Dawn Aerospace, Hnry, Crimson Education, Tradify, and PowerbyProxi.

Information is current as at 31 October 2024. Pie Funds Management Limited is the manager and issuer of the funds in the Pie Funds Management Scheme and Pie KiwiSaver Scheme (the Schemes). Any advice is given by Pie Funds Management Limited and is general only. Our advice relates only to the specific financial products mentioned and does not account for personal circumstances or financial goals. Please see a financial adviser for tailored advice. You may have to pay product or other fees, like brokerage, if you act on any advice. As manager of the Schemes’ investment funds, we receive fees determined by your balance and we benefit financially if you invest in our products. We manage this conflict of interest via an internal compliance framework designed to help us meet our duties to you. For information about how we can help you, our duties and complaint process and how disputes can be resolved, or to see our product disclosure statement, please visit www.piefunds.co.nz. Please let us know if you would like a hard copy of this disclosure information. Past performance is not a guarantee of future returns. Returns can be negative as well as positive and returns over different periods may vary.