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Punakaiki Fund
Punakaiki Fund backs early-stage New Zealand tech companies with patient growth capital. Led by Mick Liubinskas and Michael Murphy.
Punakaiki Fund
Punakaiki Fund was founded in 2011 by a group of New Zealand tech entrepreneurs to fill a gap in early-stage growth capital for local startups. The firm's leadership, including Chief Investment Officer Mick Liubinskas and CEO Michael Murphy, brings deep operator experience from the NZ tech ecosystem. The wealth behind the fund comes from a network of high-net-worth New Zealand families. The fund deploys capital primarily as growth equity, targeting Series A and B stage companies. It invests across SaaS, AI/ML, climate technology, and digital health, with a focus on capital-efficient, globally scalable models. Punakaiki is known for taking board seats and providing strategic guidance, with portfolio companies including climate tech firm LanzaTech and agritech platform Halter (per public record). Geographically, exposure is concentrated in New Zealand, with selected deals extending to Australia. Punakaiki Fund manages an estimated NZD 100-250 million in assets and operates from its single office in Spring, New Zealand. The firm maintains a close relationship with the NZ startup community, often co-investing with local angel networks and government funds. In 2023, Punakaiki participated in a follow-on investment round for Halter, a smart-collar startup for livestock management (per public record). A structural differentiator is Punakaiki's patient capital model: unlike many venture firms with fixed 10-year fund lives, Punakaiki is structured as a permanent capital vehicle, allowing longer holding periods and alignment with founders. This approach reflects its origin as a founder-led initiative rather than a traditional institutional fund.
General information
Firm type
Venture Capital
Year founded
2011
AUM
NZD 100-250 million (Altss estimate)
Location
Region
Oceania
Country
New Zealand
City
Spring
Corporate office
Spring, New Zealand
Principals
Mick Liubinskas
Chief Investment Officer
Michael Murphy
Chief Executive Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Punakaiki Fund?
Investment decisions are led by Chief Investment Officer Mick Liubinskas, alongside CEO Michael Murphy. The team sources deals through founder relationships and the New Zealand startup ecosystem.
Does Punakaiki Fund operate as a standard venture capital fund?
No. Punakaiki is structured as a permanent capital vehicle, not a closed-end fund. This enables patient, long-term holdings without pressure to return capital within a typical 10-year timeframe.
Where does the underlying wealth come from?
The fund is backed by a syndicate of high-net-worth New Zealand families and tech entrepreneurs. No single individual or family controls the capital; it's a pooled, multi-family arrangement.
What investment stages does Punakaiki typically target?
The firm focuses on Series A and B growth equity rounds, typically investing NZD 1-5 million per deal. It writes follow-on checks for existing portfolio companies.
How does Punakaiki source proprietary deal flow?
Deal flow comes primarily through the firm's network in the New Zealand tech ecosystem, including founder referrals, angel groups, and partnerships with government innovation agencies.
Which sectors does Punakaiki explicitly avoid?
The fund avoids capital-intensive sectors like biotech, hardtech manufacturing, and real estate. It concentrates on capital-efficient, globally scalable software and climate tech.
Is Punakaiki Fund related to any larger financial group?
No. Punakaiki is an independent venture firm with no parent company or affiliation to a larger asset manager. Its limited partners are primarily NZ-based family offices and entrepreneurs.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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