BAY OF PLENTY BUSINESS NEWS JANUARY 2020

BAY OF PLENTY BUSINESS NEWS January 2020
9
Pioneering Bay impact
investing fund raises $20 million
The Bay of Plenty-headquartered Purpose
Capital Impact Fund (PCIF) has achieved its
first close target of raising $20 million and
is now ready to begin investing in projects
nationwide.
By DAVID PORTER
The fund is now officially
active, but will remain
open for further investment
and is aiming to reach
$30 million.
The fund was launched in
March 2019 by Bill Murphy,
founder of early stage investment
group Enterprise Angels.
(See our Bay of Plenty Business
News cover story, May-
June 2019).
PCIF has already attracted
several major investors,
including the Tindall Foundation,
K1W1, WEL Energy
Trust, BayTrust, TECT and
numerous private individuals
and family trusts.
It’s been a great
challenge, but the
commercial sector is
very open to the idea
of impact investing.”
– Bill Murphy
K1W1’s Robbie Tindall
said his family’s fund had
always been about making a
difference in New Zealand.
“Investing through Purpose
Capital Impact Fund is another
way for us to broaden and
deepen our impact throughout
the country.”
The new Bay fund reflects
the increasing focus globally
on Impact Investing, where
corporate foundation heavyweights
and high net-worth
individuals are combining
forces with the philanthropic
sector and family trusts to
invest in innovative solutions
to social and environment
problems.
Scaling up corporate
partnership
In New Zealand, it is the first
time the commercial sector
has partnered with community
trusts and individuals on this
scale with the aim of creating
positive social change as well
as making a profit.
Potential opportunities
include regenerative agriculture
on dairy farms, urban
transportation, green housing,
social housing and social
Purpose Capital Impact Fund executive
team leaders Bill Murphy and Kristen
Joiner. Photo/Supplied.
improvement through horticulture
projects partnering with
rural iwi.
Murphy said he was
inspired by the success of
impact investing overseas
and felt he was well-placed to
introduce the concept here.
“I felt very excited and
somewhat intimidated by the
opportunity to be part of getting
it going in New Zealand,”
he said.
“It’s been a great challenge,
but the commercial sector
is very open to the idea of
impact investing. They firmly
believe that taking commercial
business and investment
disciplines and applying those
to social and environmental
change will yield results.”
Experienced investment
team
The fund is being led by a highly
experienced team. Directors
include Jon Mayson (former
Port of Tauranga CEO and chair
of NZTE and Scales Corporation),
Steve Tucker (Gallagher
Group executive chair), and
David McCallum (director of
the investment banking team at
Deutsche Craigs).
“Bringing a performance
aspect to driving social change
is something that we’re all
really excited about and using
our commercial skills to create
more meaning than just more
money,” said Murphy, adding
that the challenge now was to
find the right projects to begin
investing in.
“Given the immaturity of
the eco-system for impact
investing in New Zealand, we
are having to go look for opportunities
and help shape those for
investment,” he said.
“We can’t simply sit back
and wait for things to come
to us. We have to be aware of
aspirational social and environmental
changes out there and
engage with them.”
The philanthropic sector,
and the contacts they have, will
be invaluable in this regard,
he says.
“They’re also a key partner
as additional resources will be
required to take that pro-active
approach to engagement with
really great environmental and
social change projects to help
bring those to life and make
those investable.”
It will focus predominately
across the central North Island
but will consider investments
outside of this region when the
right opportunities exist.
“We’ve had very strong
investment support to date from
Bay of Plenty and Waikato so
it was pleasing to have three
Auckland-based funds put the
icing on the cake by helping
us reach $20m – The Tindall
Foundation, K1W1 and The
Wilberforce Foundation”.
If you are considering
your current investment
arrangements, perhaps
it’s time to get a
complimentary review
Forsyth Barr is a New Zealand owned firm with 21 offices
nationwide including three offices in the Bay of Plenty and
Waikato regions. Supported by Forsyth Barr’s research and
investment expertise, our Investment Advisers can work with
you to deliver a personalised approach taking into account your
investment objectives, preferences and your tolerance for risk.
To make an obligation free appointment to discuss your
investment arrangements, contact your local Forsyth Barr office
by calling 0800 367 227. We look forward to discussing how our
investment advice can work for you.
Disclosure Statements for Forsyth Barr Authorised
Financial Advisers are available on request and free
of charge. Fees and charges will apply if you elect
to have a continuing relationship with Forsyth Barr.
TAU6195-01 - December 2019
Is your workplace
in the business of
doing good?
Acorn’s Workplace Giving
Programme builds pride, unites
employees and helps manage
your giving for bigger impact.
Learn more
www.acornfoundation.org.nz 07 579 9839