Key Takeaways
- • Icehouse Ventures has closed above target on its third growth fund, Growth Fund III, at NZ$180 million, exceeding its NZ$150 million goal by NZ$30 million (per Startup Daily).
- • KiwiSaver manager Simplicity committed an additional NZ$50 million, and has invested NZ$85 million across four Icehouse funds since 2019.
- • KiwiSaver providers including Generate and Pie Funds have committed at least NZ$190 million through Icehouse and its portfolio companies, up from NZ$60 million when Growth Fund II closed in 2024.
- • Growth Fund III will back about 20 late-stage New Zealand companies, with first investments in Halter, Calocurb and Supabase.
- • The fund remains open to investors, with a final close planned at year-end.
Summary
New Zealand venture capital firm Icehouse Ventures has exceeded its NZ$150 million (A$122 million) target for Growth Fund III, raising NZ$180 million, according to Startup Daily. Long-term backer Simplicity, a non-profit manager of the KiwiSaver retirement and first-home savings scheme, committed an additional NZ$50 million. Simplicity has invested NZ$85 million across four Icehouse funds since 2019.
Icehouse opened the third fund less than six months ago. The fund remains open to new investors, with a final close planned for year-end. Growth Fund III will target 20 late-stage, high-growth New Zealand companies, typically already generating millions in revenue and seeking to expand globally. Its first three investments are cow collar maker Halter, GLP-1 activator developer Calocurb and software development platform Supabase.
Simplicity cofounder and managing director Sam Stubbs said the commitment reflected confidence in the national economy and Icehouse's investment performance, adding that KiwiSaver would help reshape New Zealand's economy by creating more and better-paid jobs at home. Icehouse CEO Robbie Paul said a larger fund would support greater local ownership of the country's leading companies, and that the KiwiSaver investment gave members access to privately held companies they could not otherwise buy shares in.
KiwiSaver providers, including Generate and Pie Funds, have now committed at least NZ$190 million through Icehouse and its portfolio companies, up from NZ$60 million when Growth Fund II closed in 2024. Generate has invested NZ$40 million across Growth Funds I and II, while Pie Funds was a NZ$10 million cornerstone investor in Growth Fund II and intends to invest in the third fund.
The first two funds backed companies including Hnry, Tracksuit, Crimson, Sharesies, Dawn Aerospace and Halter. Icehouse reports Fund I at 1.78 times total value to paid-in capital (TVPI) with an 18.9% internal rate of return (IRR), and Growth Fund II at 1.23x TVPI and a 22.9% IRR.
Icehouse opened the third fund less than six months ago. The fund remains open to new investors, with a final close planned for year-end. Growth Fund III will target 20 late-stage, high-growth New Zealand companies, typically already generating millions in revenue and seeking to expand globally. Its first three investments are cow collar maker Halter, GLP-1 activator developer Calocurb and software development platform Supabase.
Simplicity cofounder and managing director Sam Stubbs said the commitment reflected confidence in the national economy and Icehouse's investment performance, adding that KiwiSaver would help reshape New Zealand's economy by creating more and better-paid jobs at home. Icehouse CEO Robbie Paul said a larger fund would support greater local ownership of the country's leading companies, and that the KiwiSaver investment gave members access to privately held companies they could not otherwise buy shares in.
KiwiSaver providers, including Generate and Pie Funds, have now committed at least NZ$190 million through Icehouse and its portfolio companies, up from NZ$60 million when Growth Fund II closed in 2024. Generate has invested NZ$40 million across Growth Funds I and II, while Pie Funds was a NZ$10 million cornerstone investor in Growth Fund II and intends to invest in the third fund.
The first two funds backed companies including Hnry, Tracksuit, Crimson, Sharesies, Dawn Aerospace and Halter. Icehouse reports Fund I at 1.78 times total value to paid-in capital (TVPI) with an 18.9% internal rate of return (IRR), and Growth Fund II at 1.23x TVPI and a 22.9% IRR.
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