Private Equity Portfolio
VPEG2 made its first Private Equity investment commitment to Next Capital Fund III during September 2014. Initial funds were drawn from VPEG2 to Next III for two new private equity company investments during December 2014.
VPEG2 made its second Private Equity investment commitment to Allegro II during December 2014. Initial funds were drawn from VPEG2 for Allegro II’s existing investments, during June 2015.
VPEG2 made its third Private Equity investment commitment to Mercury Capital Fund 2 during May 2015. Initial funds were drawn from VPEG2 to Mercury II during May 2015.
VPEG2 made its fourth Private Equity investment commitment to CHAMP IV during January 2016. Initial funds were drawn from VPEG2 to CHAMP IV during February 2016.
VPEG2 made its fifth Private Equity investment commitment to Waterman Fund 3 in March 2016. Initial funds were drawn from VPEG2 to Waterman Fund 3 during April 2016.
VPEG2 made its sixth Private Equity investment commitment to the Pencarrow Bridge Fund in November 2016. Initial funds were drawn from VPEG2 to Pencarrow Bridge Fund to fund its first investment on 30 November 2016.
VPEG2 made its seventh Private Equity investment commitment to the Adamantem Capital Fund 1 in January 2017. Initial funds were drawn from VPEG2 to Adamantem Capital Fund 1 in April 2017.
VPEG2 made its eighth and final Private Equity investment commitment to the Odyssey Private Equity Fund 8 in March 2017. Initial funds were drawn from VPEG2 to Odyssey Private Equity Fund 8 in May 2017
In August 2017, VPEG2 completed a $0.5m co-investment into Fitzpatrick Financial Group.
Details of VPEG2’s current Private Equity commitments and investments are provided in the table below:
| Private Equity Fund Name | Fund / Deal Size | Vintage Year | Investment Focus | VPEG2 Commitment | Capital Drawn Down | Total No. of Investee Companies | No. of Exits | ||
|---|---|---|---|---|---|---|---|---|---|
| VPEG2A | VPEG2B | VPEG2A | VPEG2B | ||||||
| Next Capital Fund III | $265m | 2014 | Lower to Mid Market Expansion / Buyout | $6.0m | $2.0m | $5.18m | $1.72m | 8 | 6 |
| Allegro Fund II | $180m | 2014 | Lower to Mid Market Expansion / Buyout | $4.0m | $2.0m | $3.93m | $1.96m | 9 | 5 |
| Mercury Capital Fund 2 | $300m | 2015 | Lower to Mid Market Expansion / Buyout | $3.8m | $1.2m | $3.46m | $1.09m | 7 | 5 |
| CPE Capital 8 | $735m | 2016 | Mid Market Buyout | $6.0m | $2.0m | $5.29m | $1.76m | 10 | 7 |
| Waterman Fund 3 | NZ$200m | 2016 | Lower to Mid Market Expansion / Buyout | NZ$3.0m | NZ$1.0m | $2.29m | $0.73m | 4 | 3 |
| Pencarrow Bridge Fund | NZ$80m | 2016 | Lower to Mid Market Expansion / Buyout | NZ$1.5m | NZ$0.5m | $1.26m | $0.41m | 4 | 1 |
| Adamantem Capital Fund 1 | $591m | 2017 | Mid Market Expansion / Buyout | $7.6m | $2.4m | $6.43m | $2.03m | 6 | 1 |
| Odyssey Private Equity Fund 8 | $275m | 2017 | Mid Market Growth Capital | $6.0m | $2.0m | $5.23m | $1.74m | 6 | 1 |
| Co-Invest 1 (Fitzpatrick Financial Group) | $200m | 2017 | Mid Market Expansion | $0.4m | $0.1m | $0.43m | $0.14m | 1 | 0 |
| TOTALS** | $38.0m | $13.1m | $33.50m | $11.59m | 55 | 29 | |||
* target fund size
** Assumes AUD/NZD exchange rate of 1.1
