Altered Capital
VC Fund Manager based in Auckland
Key Facts
- Provider type
- VC Fund Manager
- Headquarters
- Auckland
- Established
- 2020 (5 yrs)
- NZBN
- 9429049903423 ↗
- AIP status
- Approved
- Open offers
- 0 open / 1 total
- Funds listed
- 1
- Website
- www.alteredcapital.com
Last reviewed: 19 May 2026
About Altered Capital
Growth-stage VC with $250m FUM and $1B FUA backing product-market fit companies
Location
Auckland
Established
2020
5 years track record
AIP Approved
Eligible for Active Investor Plus visa
Open Funds & Active Offers(1)
Key People (4)
McGregor Fea
Managing Partner
Leadership
Founding Partner and Managing Partner at Altered Capital. Founded in 2022, focused on venture capital and private equity in technology, healthcare, and financial sectors.
Marcus Traill
Founder and General Partner
Leadership
Over 20 years experience as investment management professional. Previously co-led Private Investments division of MGFO, launching first fund in 2015 and managing over US$2B in assets.
Craig Mawdsley
Founding Partner
Leadership
Previously co-led Private Investments division of McPike Global Family Office, launching first fund in 2015 and managing over US$2B in assets. Held senior positions throughout MGFO group from 2005.
Stuart Inglis
Partner
Investment Team
Founder CTO at Exaba. Partner at Altered Capital VC with extensive technology and venture capital experience.
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Quick Info
Frequently Asked Questions
What is Altered Capital?
Growth-stage VC with $250m FUM and $1B FUA backing product-market fit companies
Where is Altered Capital based?
Altered Capital is based in Auckland. New Zealand-domiciled funds are subject to the Financial Markets Conduct Act 2013 (FMCA) and oversight by the Financial Markets Authority (FMA).
Is Altered Capital registered with the FMA?
Altered Capital is holds NZBN 9429049903423. FSPR registration is a legal requirement for entities providing financial services in New Zealand and does not itself constitute an endorsement. Verify current standing at the FSP register before investing.
How long has Altered Capital been operating?
Altered Capital was established in 2020 and has a 5-year track record. Past performance and operational history are not reliable indicators of future returns — review the fund's Information Memorandum and audited financial statements before investing.
How much capital does Altered Capital manage?
Altered Capital reports assets under management of approximately NZD $250.0 million as last published. AUM figures are sourced from the manager's own disclosures and may include committed-but-uncalled capital depending on definition — confirm the basis with the manager directly.
What funds does Altered Capital manage?
Altered Capital currently lists 1 fund on Wholesale Investor NZ. 1 fund is flagged as Active Investor Plus (AIP) visa eligible per NZTE's Acceptable Managed Funds criteria.
What is the minimum investment in Altered Capital's funds?
Minimum investments across Altered Capital'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 offer's Information Memorandum. Wholesale-only offers also require self-certification under FMCA Schedule 1 before subscription.
Are Altered Capital's funds eligible for the Active Investor Plus (AIP) visa?
Altered Capital is flagged as AIP-approved on Wholesale Investor NZ, with 1 fund carrying the NZTE-pre-approved AIP eligibility marker. AIP visa applicants must invest at least NZ$5 million in Growth Category investments held for 36 months (or NZ$10 million Balanced held for 60 months) per Immigration New Zealand's current rules. Eligibility determination sits with NZTE + Immigration NZ — confirm against the live NZTE Acceptable Managed Funds list before relying on this classification.