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Torchlight creates $150-170 million fund

Published 6 July 2010

Torchlight Investment Group Ltd has raised a $150 million countercyclical investment fund – the Torchlight Fund No 1 LP – and may increase it to $170 million following reserved allocations.


Torchlight Investment Group (name changed from Perpetual Group Ltd on 21 June and a subsidiary of Pyne Gould Corp Ltd; chairman George Kerr, managing director John Duncan, other directors Jeff Greenslade & Bryan Mogridge) has been created to make countercyclical investments at a time of low liquidity in the banking & investment sectors.


Mr Kerr said its successful capital-raising was proof of rising investor confidence in the investment opportunities in the New Zealand marketplace: “The prevailing investment climate provides considerable opportunity for investors with access to capital and the focus & skillset to deploy this capital. That is what Torchlight Fund does. “The fund has the backing of a range of sophisticated domestic & international investors & investment companies, including leading specialists in credit & real estate private equity. “The range of investors provides Torchlight with access not only to funds under its own direct management, but access to substantial further funds from co-investors when Torchlight lead-manages & arranges larger deals.” Mr Duncan said Torchlight could provide capital, under the right conditions, for businesses that otherwise found it difficult to access capital in the current market: “This is the case with Torchlight’s South Canterbury Finance loan, which is delivering liquidity to help them get through their restructuring whilst delivering attractive yield to Torchlight investors at a super-senior risk position, ranking ahead of the debentureholders.” Torchlight Investment Group is part of Pyne Gould’s wealth management arm. It owns 10% ($15 million) of the Torchlight Fund.

Earlier stories:

7 June 2010: Kerr injects increased debt into South Canterbury instead of equity into Southbury

21 May 2010: Torchlight injects more equity into South Canterbury Finance parent

1 April 2010: Southbury to use Torchlight injection to prop up South Canterbury


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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.

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