POHUTUKAWA I, II & V ANNUAL MEETING Investment Manager Presentation Ross George Managing Director Direct Capital 22 May 2018
1 Investment Manager Presentation | 22 May 2018 | Confidential
FUNDS MANAGED BY DIRECT CAPITAL Direct Capital manages three Private Equity funds POHUTUKAWA I & POHUTUKAWA II & POHUTUKAWA V & DIRECT CAPITAL V DIRECT CAPITAL III DIRECT CAPITAL IV ■ ■ ■ Total fund size: $130m Total fund size: $325m Total fund size: $375m ■ ■ ■ Pohutukawa I size: $53m Pohutukawa II size: $82.5m Pohutukawa V size: $50m ■ ■ ■ Current investments: Current investments: Current investments: + New investment opportunities under negotiation 2 Investment Manager Presentation | 22 May 2018 | Confidential
NZ MID-MARKET PRIVATE EQUITY INVESTMENT ACTIVITY Pohutukawa and DC V represented 41% of NZ mid-market PE investment in 2017 400 350 300 250 200 NZ$m 150 Pohutakawa V (incl. DCV) 100 50 0 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Source: NZVCA 3 Investment Manager Presentation | 22 May 2018 | Confidential
PORTFOLIO REVIEW: POHUTUKAWA I
POHUTUKAWA I Fund Performance 0.1 AS AT 31 MARCH 2018 ■ TVPI (Total Value to Paid In Capital): 1.8x ■ Net IRR: 13% p.a. for 14 years NZ$m Calls Distributions 97 Unrealised NAV 53 5 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA I: STRATEX Niche Packaging Manufacturer Pohutukawa I Total Direct Capital Investment Shareholding Investment Shareholding $4.6m 32.8% $11.1m 83.2% 6 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA I: FISHPOND Online Retail Pohutukawa I Total Direct Capital Investment Shareholding Investment Shareholding $0.8m 4.5% $2.0m 11.3% 7 Investment Manager Presentation | 22 May 2018 | Confidential
PORTFOLIO REVIEW: POHUTUKAWA I
PORTFOLIO REVIEW: POHUTUKAWA II
POHUTUKAWA II Fund Performance AS AT 31 MARCH 2018 22 ■ TVPI (Total Value to Paid In Capital): 1.8x ■ Net IRR: 16% p.a. for 9 years Calls NZ$m Distributions Unrealised NAV 72 51 10 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA II Portfolio Composition by Investment Cost Bayleys 19% Hiway Group 30% Cavalier Woolscourers 17% PF Olsen 14% George H Investments 20% 11 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA II: PF OLSEN Forestry Management Pohutukawa II Total Direct Capital Investment Shareholding Investment Shareholding $2.5m 9.5% $10.8m 40.0% 12 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA II: BAYLEYS Real Estate Services Pohutukawa II Total Direct Capital Investment Shareholding Investment Shareholding $3.6m 7.4% $15.0m 31.0% 13 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA II: HIWAY STABILISERS Ground Stabilisation and Geotechnical Services Pohutukawa II Total Direct Capital Investment Shareholding Investment Shareholding $5.7m 14.3% $24.0m 60.0% 14 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA II: CAVALIER WOOLSCOURERS Wool Scouring Pohutukawa II Total Direct Capital Investment Shareholding Investment Shareholding $3.3m 3.3% $14.0m 13.8% 15 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA II: GEORGE H INVESTMENTS Residual Industrial Park Properties Pohutukawa II Total Direct Capital Investment Shareholding Investment Shareholding De-merger 9.3% De-merger 81.6% 16 Investment Manager Presentation | 22 May 2018 | Confidential
PORTFOLIO REVIEW: POHUTUKAWA V
POHUTUKAWA V Portfolio Composition by Investment Cost Marvel Packers AS Colour 22% 28% Complectus (Perpetual Guardian) 50% 18 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA V: PERPETUAL GUARDIAN Trustee and Estate Services and FMA Supervisory Services Pohutukawa V Total Direct Capital Investment Shareholding Investment Shareholding $7.3m 5.7%* $64.0m 50.0%* * Once option to convert loan executed 19 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA V: MARVEL PACKERS Fresh From Field French Fries Pohutukawa V Total Direct Capital Investment Shareholding Investment Shareholding $3.3m 6.2% $33.5m 58.3% 20 Investment Manager Presentation | 22 May 2018 | Confidential
POHUTUKAWA V: AS COLOUR Premium Blank Apparel to the International Printwear Sector Pohutukawa V Total Direct Capital Investment Shareholding Investment Shareholding $4.1m 3.1% $38.0m 28.5% 21 Investment Manager Presentation | 22 May 2018 | Confidential
22 Investment Manager Presentation | 22 May 2018 | Confidential
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