Fund Overview
Silver Fern No.1 Fund is a wholesale investment fund designed to align with New Zealand’s Active Investor Plus (AIP) visa program. The fund targets capital contributions from no more than 10 high-net-worth applicants who have received approval under Investor 2 visa categories. The total fund size is capped at NZD 30 million.
Manager
Eternova GP is a licensed financial services provider in New Zealand (FSP#1009652) and acts as the general partner and investment manager of the fund.
Custody
All fund assets are held in a designated New Zealand trust account with ANZ Bank, one of New Zealand’s largest and most reputable banking institutions.
| Fund Size | NZD 50 million (maximum) |
| Unit Size | NZD 1 million minimum (in increments of NZD 1M) |
| Lock-In Period | 3 years (in line with AIP requirements) |
| Entry Fee | 1.5% |
| Exit Fee | None |
| Management Fee | 1.5% per annual |
| Investor Type | AIP visa-approved investors |
| Fund Type | Closed-end, wholesale-only |
| Redemption | Available post lock-in, 180-day advance notice required |
Investment Strategy
The Fund focuses on growth-stage private businesses, primarily in New Zealand, with a special interest in technology, fintech, cross-border digital platforms, and businesses contributing to the New Zealand innovation ecosystem.
Investments are made into qualifying New Zealand entities that meet AIP compliance criteria. Each investment is reviewed and approved by an internal credit and investment committee before execution.
Performance Benchmark
The fund targets returns exceeding the prevailing 3-year NZD term deposit rate by 1.25%–3.00%. As of September 2024, the benchmark performance objective is ~5% p.a. (based on ANZ Bank data).
Distributions & Reporting
- Annual Distribution: Profits exceeding unit value of NZD 1.00 will be distributed annually (March 31 valuation; April 30 payout).
- Quarterly Reports: Detailed investment and NAV reports delivered to unitholders every quarter.
- Regulatory Compliance: Full adherence to FMA reporting obligations and NZTE audit transparency standards.
Risk Management
- Rigorous due diligence and multi-tier investment committee approval process
- All investments backed by senior collateral and loan-to-value (LTV) caps
- 2% of annual interest income reserved into a risk buffer fund
- Active monitoring, legal enforcement protocols, and exit protection clauses
- Member of New Zealand Financial Dispute Resolution Service (FDRS)