Overview
Altered Capital Venture Fund II is a closed-ended venture capital fund managed by Altered Capital, an Auckland-based manager. The fund invests in companies that have demonstrated product-market fit, with a focus on the technology, healthcare, and financial sectors. It is open to wholesale investors only and is structured on a vintage (closed-ended) basis. The fund is eligible for the Active Investor Plus visa under the growth category on the NZTE Acceptable Managed Funds list.
Fund Overview
NZ$100M Venture Fund II (Altered Capital, $250M FUM / $1B FUA). Backs companies with product-market fit in technology, healthcare, and financial sectors. Fund I tracking gross IRR >40% (top decile). Founding team has delivered top-decile venture performance + distributions at scale in US and UK. AIP Growth pre-approved.
Asset Class
Venture Capital
Structure
Limited Partnership
Fund Size
NZD $100.0M
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Quick Info
This information is for wholesale investors only and does not constitute financial advice. All investments carry risk. Please seek professional advice before making investment decisions.
Frequently Asked Questions
What is Altered Capital Venture Fund II?
NZ$100M Venture Fund II (Altered Capital, $250M FUM / $1B FUA). Backs companies with product-market fit in technology, healthcare, and financial sectors. Fund I tracking gross IRR >40% (top decile). Founding team has delivered top-decile venture performance + distributions at scale in US and UK. AIP Growth pre-approved.
Who manages Altered Capital Venture Fund II?
Altered Capital Venture Fund II is managed by Altered Capital (NZBN 9429049903423) based in Auckland. Manager registration on the Financial Service Providers Register is a legal requirement under the Financial Service Providers (Registration and Dispute Resolution) Act 2008 and does not itself constitute an endorsement.
What asset class is Altered Capital Venture Fund II?
Altered Capital Venture Fund II is classified as Venture Capital on Wholesale Investor NZ. Asset-class classification reflects the fund's stated investment focus per its Information Memorandum and is provided for navigation purposes only — review the IM for the full strategy and risk profile.
Is Altered Capital Venture Fund II evergreen or a closed-end fund?
Altered Capital Venture Fund II is a closed-end fund — it raises capital during a defined vintage window and runs to fund maturity. Capital is typically returned via distributions during operation and a final wind-up at fund maturity. Check whether a current vintage is open before applying.
What is the minimum investment in Altered Capital Venture Fund II?
Minimum investments across Altered Capital Venture Fund II's currently listed offers range from NZ$100K. Minimums are set per offer and may change for new vintages — confirm the current minimum in the relevant Information Memorandum before subscribing.
Is Altered Capital Venture Fund II wholesale-only?
Yes — Altered Capital Venture Fund II is offered on a wholesale-only basis under Schedule 1 of the Financial Markets Conduct Act 2013. Subscription requires self-certification under one of the seven Schedule 1 pathways (typically the NZ$5M net-assets "large person" pathway or an accountant- or lawyer-signed eligible-investor certificate per Clauses 38-40). Wholesale-only funds do not publish a retail Product Disclosure Statement and do not appear on the Disclose Register.
Is Altered Capital Venture Fund II a Limited Partnership?
Altered Capital Venture Fund II is structured as a Limited Partnership (LP). LP income flows through to the investor and is taxed at the investor's marginal rate (up to 39% above NZ$180,000 of taxable income for 2024-25). Investors receive IR7 partnership tax statements annually and report the income on their personal IR3 return. The LP structure is common for private equity, venture capital, and direct-property syndicates in New Zealand.
Is Altered Capital Venture Fund II eligible for the Active Investor Plus (AIP) visa?
Altered Capital Venture Fund II is flagged as AIP-eligible on Wholesale Investor NZ, indicating it appears (or has appeared) on NZTE's Acceptable Managed Funds list for AIP visa applicants. The visa requires NZ$5M (Growth Category, 36-month hold) or NZ$10M (Balanced Category, 60-month hold) in acceptable investments held continuously for the full period. Eligibility determination sits with NZTE + Immigration NZ — verify against the live NZTE list before relying on this classification, and see our AIP eligibility guide for the full statutory framework.
When was Altered Capital Venture Fund II launched?
Altered Capital Venture Fund II was launched in 2025. Operational tenure is one input to evaluating manager track record but does not itself indicate likely future performance — past performance is not a reliable indicator of future returns per FMA fair-dealing guidance. Request audited financial statements covering the full operating period before subscribing.
Where can I read the IM or PDS for Altered Capital Venture Fund II?
Altered Capital Venture Fund II is a wholesale-only fund and the manager does not publish a retail-accessible Information Memorandum on Wholesale Investor NZ. Wholesale-only funds typically share the IM directly with prospective investors after a Schedule 1 self-certification under the Financial Markets Conduct Act 2013. Contact the manager to request the IM and the certification process.