Elevate NZ Venture Fund is committing a $10 million follow-on investment to a new fund managed by one of its existing partners, Pacific Channel.
“Pacific Channel has progressed well since our initial investment into its previous fund, and we’re happy to be supporting them again with an investment into Fund III. Pacific Channel continues to support a diverse cohort of deep-tech companies from early-stage through the growth cycle,” James Pinner, chief investment officer of the NZ Growth Capital Partners, said.
Elevate is overseen by NZ Growth Capital Partners. It was created by the government to promote investment in New Zealand’s high-growth early-stage companies and to help grow the local venture capital ecosystem.
Recently, Elevate was allocated an additional $100 million through Budget 2025.
“We’re also really encouraged by the continued development of the Pacific Channel team, the evolution of their growth as a manager and the expansion of their offering, including acceptance as a Callaghan Innovation Deep Tech Incubator,” Pinner said.
“We are looking to back VC managers who are as ambitious as the start-ups they back, so it’s fantastic to see the investment they’re making into building a deep team of experts and also their expansion into Australia through a separate fund, which provides it with the capability to support even more diverse deep-tech start-ups,” he added.
Meanwhile, Pacific Channel managing partner Brent Ogilvie stated that this investment from Elevate highlights the strength of their partnership and their mutual dedication to developing New Zealand companies with global impact.
“With over $50 million already committed to Pacific Channel Fund III, we are well-positioned to continue identifying breakthrough technologies addressing critical global challenges, creating high-value jobs, and generating intellectual property that remains in New Zealand ownership,” Ogilvie said.
Elevate is poised to receive a $100 million increase in its budget, aimed at backing high-growth technology companies with significant export potential. Finance Minister Nicola Willis revealed this funding boost during her pre-budget speech.
Alongside Elevate, NZGCP also manages the Aspire Seed Fund, which makes direct investments in early-stage companies – from proof of concept to seed and pre-Series A rounds – partnering with private sector investors such as angel investor groups.
The returns generated for Elevate and Aspire will be reinvested to support the growth of New Zealand’s future businesses.