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Elevate NZ invests $20m into $50m Pacific Channel VC fund

New Zealand Growth Capital PartnersElevate NZ Venture Fund has today announced a conditional $20m investment into a $50m fund managed by leading New Zealand deep-tech venture capital firm Pacific Channel.

Pacific Channel’s Managing Partner, Brent Ogilvie said Elevate’s $20m commitment into Pacific Channel Fund II will enable Pacific Channel to make substantial investments into around 25 kiwi deep-tech companies which are focused on commercialising ground-breaking science or advanced engineering innovation.

“We’re excited that we’re now in a position to provide a significant capital pathway and specialist expertise to deep-tech companies aiming to turn their innovative technology into a commercial success. These are New Zealand companies that have the potential to make an impact in New Zealand and globally and improve our daily lives.

“Early-stage investment in deep technology is critical for driving productivity and economic growth. This fund, which is the largest dedicated deep-tech fund ever formed in New Zealand, will create high value jobs, and help to keep these companies in New Zealand, with local ownership, at a much-needed time for our country.

“Our capital, hands-on approach and ability to leverage a proven eco-system of support gives deep-tech companies the resources, expertise, and networks necessary to accelerate growth and navigate the complex commercialisation pathway required to achieve success in global markets,” said Mr Ogilvie.

James Pinner, NZGCP Investment Director in charge of Elevate, said it was pleasing to complement the over $25m of private capital that has already been raised for Pacific Channel Fund II, which is a significant show of confidence from the private sector in Pacific Channel’s investment capability.

“Pacific Channel has an impressive track record as an early stage investor through investing their own funds via Pacific Channel Fund I. They have a particular focus on investment into Life Sciences. However, through Fund II they will also be looking to invest in cleantech, agritech, future foods and advanced engineering and manufacturing innovation in New Zealand.

“When the investor-based fundraising reaches its final $50m close target, this will become Elevate’s first allocation to a first-time New Zealand venture capital fund manager. A key goal for us is to deepen the pool of venture capital fund managers in New Zealand. We see this investment as an important milestone in achieving this goal and broadening the support for high growth Kiwi companies.

“It is very pleasing to see the level of activity that is underway in early stage investment in New Zealand. Elevate has been operating for six months since its launch. To have three funds underway in such a short time – and through the impact of Covid-19 – shows there is considerable investor interest in early stage New Zealand technology companies” said Mr Pinner.

Brent Ogilvie said with Elevate’s investment in Fund II this now brings total commitments to the fund from investors to $45m. Pacific Channel aims to close the fund with the full $50m in the coming weeks, which (together with the completion of a small number of operational updates) will trigger the completion of Elevate’s investment.


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