Product information
This Offer is an offer of units in a limited partnership structure that is only capable of acceptance by persons who are permitted to receive a non-regulated offer of financial products under Schedule 1 of the Financial Markets Conduct Act 2013. See who can qualify as a wholesale investor here.
Please read the information memorandum, which states the terms of the Offer and is available to wholesale investors by clicking on the 'Key documents' tab above. Further information is also available on request from the Climate Venture Capital Fund.
About CVCFe
Commencing in 2020, Climate Venture Capital Fund I was New Zealand's first venture fund exclusively investing in companies that reduce greenhouse gas emissions. CVCF Extension (CVCFe) is the second fund in the series and aims to expand on the early success of Fund I by providing investors with strong commercial returns (targeting 25%+IRR) while accelerating the transformation to a cleaner global economy.
CVCFe aims to provide:
- Measurable climate impact - targeting 50 million tonnes of CO2e mitigated by 2035 for every $50 million invested
- Venture returns (targeting 25%+ IRR).
- Exclusive access to New Zealand follow-on investments from Climate VC Fund I.
- Unmatched expertise, rigour and transparency in VC climate investing and reporting.
- Independent scrutiny and validation from a Climate Impact Committee.
- Desirability: Climate-tech founders actively seek out CVCFe due to our unique emissions reduction mandate and climate subject-matter expertise.
- Access to the frontier markets of Australia and New Zealand where high growth, capital efficient climate tech companies abound at attractive valuations.
The response to the climate crisis is a once in a generation investment opportunity, not just with the value created during the transition to an electricity powered economy, but also with a new generation of businesses that will thrive in the new economy. The transition is increasingly urgent, and as technologies become increasingly obviously better, the benefits of a rapid transition are clear for individuals, governments and businesses.
Target investments
CVCFe will invest in privately held pre-commercial to growth stage Australian and New Zealand companies that measurably reduce greenhouse gas emissions.
- Portfolio size: 10-20
- Company Stage
- Growth: 65%-80%
- Early: 15%-30%
- Pre-commercial: 5-15%
- Domiciliation: Minimum 70% New Zealand firms & remainder Australian firms
Fund Attributes
| Mandate | Investing in firms which reduce greenhouse gas emissions |
| Geography | 70% NZ (by committed capital), rest Australia/Pacific |
| Emissions target | 50 million tonnes mitigation before 2035 per $50 million invested |
| Fund size | NZD $50 million |
| First close | December 2024 |
| Final close | June 2025 |
The Fund is structured as a limited partnership, with a three-year investment period. Investors commit to a total amount to invest over that period. The manager expects that a maximum of one third of investors’ commitment will be drawn in each year. Investors can choose to have funds called as required for investments, or to place uncalled funds in trust with the manager ahead of capital calls.
The Fund is managed by 2040 Ventures (managers of both Climate VC Fund I and Punakaiki Fund). The fees are industry standard: 2% of committed capital per annum during the investment period, 2% of net invested capital per annum after the investment period), and, after fees are repaid and a return hurdle of 8% p.a. reached, a 20% carry interest.
The Fund is targeting annual returns of 25% IRR. This is a very long-term investment, and initial returns are typically not realised for at least 5-7 years. The minimum investment commitment is $100,000.
Our Team
CVCFe is led by a trio of accomplished partners, along with members of our Climate Impact Committee.
Dr Jez Weston has over 15 years’ experience in policy and climate advice across roles at the Royal Society and various government departments. Jez managed the Commercialisation Partner Network and PreSeed Accelerator Fund, responsible for over $500m of government contracts, and is a Return on Science - Physical Science Investment team member. Jez has a PhD - Engineering (Cambridge University).
Rohan MacMahon leads Investor Relations for CVCF Fund I and CVCFe. Rohan brings over 25 years' executive, consulting and analyst experience, including leading large climate-change and infrastructure projects across Australia and New Zealand. Rohan was formerly a Ministerial Advisor on technology and digital policy and is currently the Chair of Lifewise Trust. He has economics and law degrees from Sydney University.
Lance Wiggs brings 30+ years’ of global business and investing experience, having advised hundreds of high-growth companies. Lance also co-founded Punakaiki Fund and is a director of several of its portfolio companies. Lance was the investment-banking advisor for Trade Me's $750 million sale to Fairfax Media. Lance’s career spans time with McKinsey & Co, EBRD, BHP Billiton, Mobil Oil, and as a Councillor for InternetNZ. He has a Technology degree in Product Development from Massey and an MBA from Yale.
Climate Impact Committee
The Climate Impact Committee is a panel of independent experts set up to ensure that the Fund meets its climate impact goals. The committee is charged with creating and maintaining a rigorous and industry accepted method of measuring the reduction of greenhouse gas emissions, reporting those reductions to Limited Partners (investors). The Committee has veto power over investment decisions.
A Limited Partners Advisory Committee (LPAC) supports the Fund by providing advice to the General Partners and Manager on behalf of the Limited Partners. The manager, 2040 Ventures, provides a range of support functions for CVCFe as it does for Climate VC Fund I and Punakaiki Fund. 2040 Ventures’ Partner, Chris Humphreys joins Lance, Rohan and Jez as a member of the CVCFe investment committee. This diverse team is based in Auckland, Wellington and Te Anau.
