Pencarrow was founded in 1993 to manage the Greenstone Fund, a $25 million development capital fund whose investors are AMP Capital Investors, AXA New Zealand, National Provident Fund and the NZ Government.
In 1998, Pencarrow entered into an arrangement with AMP Capital Investors to undertake and manage private equity investments on behalf of AMP Life investors, with $100 million available through this structure.
In 2001 Pencarrow was appointed a co-manager of AMP New Zealand Private Capital Fund and today remains the sole co-manager of all investments, other than high technology investments, in this fund.
In 2005, Pencarrow, via a JV with AMP Capital Investors, established the $75 million AMP Pencarrow Fund. Investors in this fund are AMP Life (NZ and Australia), Quay Partners, an Australian Fund of Funds investor, and the NZ Super Fund. This represented NZ Super Fund’s first investment into the private equity sector in New Zealand, and the investment by Quay Partners was the first Australian institutional investment in a New Zealand based fund.