Pencarrow Private Equity raises $176m

The Wellington-headquartered firm has raised its hard-cap target for its latest fund.

Pencarrow Private Equity held a final close for its Pencarrow V Fund at the $176 million (NZD 250 million; €145.8 million) hard-cap.

The firm will use the capital to invest in New Zealand businesses across a range of industries.

The fund’s predecessor Pencarrow IV closed at NZD124 million in 2013 and has been fully invested. The New Zealand Superannuation Fund has committed capital to this fund.