Pingar LP Incorporated

One of the major issues affecting NZ companies has been their ability to attract offshore investment.

It’s not a quality of earnings thing. It’s not even the fact that NZ is two bits of rock stuck somewhere in the Southern Ocean. I think the driving force behind NZ’s lack of global appeal has been the complete lack of half decent legal and investment structures that appeal to global VC and private equity investors.

On 2nd May this year, all that changed. The Limited Partnerships Act 2008 came into force enabling registration of Limited Partnerships and Overseas Limited Partnerships. According to the NZ Companies Office website, ‘the introduction of an internationally recognised Limited Partnerships regime will remove barriers to foreign capital investment which provides a valuable source of funding for new companies and early stage expansion capital. The Act will enable New Zealand businesses to compete internationally on a level playing field for venture capital funds’.

Hats doffed and glasses raised to its authors..

I think the expression is ‘first cab off the rank’. I have always recognised the long-term importance of ensuring Pingar was attractive to offshore investors. I am sure there have been times when I have stood on the Mount Main beach and heard the sound of laughter drifting in from the East; the sound of potential competitors in Silicon Valley laughing as they have looked at New Zealand investment structures and NZ ICT businesses historic failure to attract offshore investment – save by moving IP, senior management and value offshore.

So today, it is good to say that after no short space of time and anticipation, Pingar LP is now a fully incorporated NZ entity. We have a registered number. It is 2184257. We can now compete on that level playing field. And we are ready. Our time has come.