Elevate NZ Venture Fund

Elevate NZ Venture Fund

Invests via fund-of-funds commitments in New Zealand venture managers targeting Series A and B rounds.

Elevate NZ Venture Fund is a Crown-funded fund-of-funds managed by New Zealand Growth Capital Partners (NZGCP), established under the Venture Capital Fund Act 2019 (passed 13 December 2019) and launched in March 2020. The Limited Partner is the Guardians of New Zealand Superannuation Fund. Elevate's original commitment was NZD 300 million; Budget 2025 added a further NZD 100 million, bringing total committed capital to over NZD 400 million. As of March 2025, 90 percent of investible capital had been allocated across 11 fund commitments (8 managers plus 3 follow-on rounds), with approximately NZD 28 million remaining. The underlying funds have collectively invested NZD 483 million into approximately 150 New Zealand technology companies, with roughly 41 percent classified as deep-tech.

Elevate makes LP commitments exclusively to New Zealand-connected VC and growth equity fund managers whose underlying funds invest primarily at Series A and B rounds (typical round sizes NZD 2 million to NZD 20 million) in New Zealand technology companies. Existing LP commitments range from NZD 15 million (Movac Emerge Fund 4) to NZD 45 million (GD1 Fund 3), with fund closes including Blackbird Ventures NZ Fund 2022 (NZD 80.6 million), Movac Fund 5 (NZD 250 million), and Pacific Channel Fund 2 (NZD 55 million). Each fund receiving an Elevate commitment must raise matching private capital at least equal to the Elevate allocation. This program is not accessible to individual start-up companies; its sole counterparties are fund managers (GPs).

Fund managers apply using the NZGCP Elevate application form and guide, available on the NZGCP website, and submit to vcf@nzgcp.co.nz. The process involves initial screening, detailed due diligence covering conviction review and portfolio allocation fit, investment committee approval, issuance of a conditional allocation letter, satisfaction of conditions including evidence of external private capital, and final allocation. Key selection criteria include a proven track record, capability to support portfolio companies, fit within the broader Elevate portfolio, and a commitment to developing New Zealand's VC industry. NZGCP's Elevate team is led by CEO James Pinner and Investment Director Jason Roche.