Generate is investing $20m into Icehouse Ventures Growth Fund III, supporting high‑growth New Zealand companies and expanding access for KiwiSaver investors.
Generate is continuing to back New Zealand innovation and growth companies, with a new $20m commitment into Icehouse Ventures’ Growth Fund III.
The investment builds on Generate’s existing support of Icehouse Ventures Growth Fund II, and reflects Generate’s continued focus on identifying high-quality long-term investment opportunities for KiwiSaver and managed fund investors.
Generate Chief Investment Officer Sam Goldwater says the investment gives everyday Kiwis greater access to some of the country’s most promising growth businesses – opportunities that have traditionally been difficult for regular investors to access.
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“Certain KiwiSaver providers give New Zealanders the ability to invest in a much broader range of opportunities than many people realise,” says Goldwater.
“Alongside global and Australasian listed shares, we also look for private market investments that have the potential to deliver strong long-term returns for our members while supporting innovation and economic growth here in New Zealand.”
Investing in New Zealand innovation
In 2023 Generate cornerstoned Icehouse Ventures’ Growth Fund II with a $20 million commitment. The Fund has backed a number of high growth New Zealand companies including Halter, Tracksuit, Crimson Education, Sharesies and Hnry. Halter was the overall winner of the Deloitte Fast 50 New Zealand Index in 2024 and Tracksuit won the award last year.
“Generate has been a strong supporter of New Zealand innovation through its venture capital investments. Their investment reflects growing recognition from KiwiSaver providers that private markets and high-growth New Zealand companies can play an important role in delivering long-term value for members,” says Robbie Paul, CEO of Icehouse Ventures.
Goldwater says Generate’s venture capital investment approach remains highly selective, with a strong focus on quality managers and long-term growth potential. “We’re very disciplined about the opportunities we invest in. Our focus is always on delivering strong long-term outcomes for our members,” he says.
Access to high-growth opportunities
“What we like most about Icehouse Ventures is the extent and depth of relationships they’ve built over many years investing in New Zealand startups and growth companies. That access and experience is incredibly valuable in venture capital investing.”
Icehouse Ventures is New Zealand’s most active venture capital firm, with more than 300 investments over the past two decades. Growth Fund III is targeting investments into 20–30 later-stage companies over the next 10 years.
Icehouse Ventures has facilitated 3 co-investment opportunities for Generate – whereby Generate invests directly into companies it has high conviction in - including Halter and Hnry (the third has not yet been made public).
Goldwater says private market investments are becoming an increasingly important part of diversified portfolios globally, particularly as many fast-growing companies now stay private for longer.
“Some of the world’s most successful companies are remaining private well beyond the early growth phase. We believe selective exposure to private markets can play an important role in helping generate strong long-term returns for our KiwiSaver members.”
Supporting long-term growth for Kiwis
Generate manages investments on behalf of more than 190,000 New Zealanders across KiwiSaver and managed funds.
Goldwater says investments like this demonstrate how KiwiSaver savings can help support both members’ long-term financial futures and the growth of innovative New Zealand businesses.
“We’re proud to connect KiwiSaver members with opportunities that support innovation, ambition and long-term economic growth here in New Zealand.”