Business digest: Purpose capital wins the award for best impact investment fund

Purpose capital wins the award for best impact investment fund

The Purpose Capital Impact Fund won the Best Impact Investment Fund 2022 award at the recent annual Mindful Money Awards in Auckland.

Purpose Capital are impact investors
which aim to bring about positive environmental and social change in the Waikato, Bay of Plenty and Greater New Zealand.

The judges praised Purpose Capital for its investments and its commitment to achieving meaningful impact through them.

“It was a great affirmation of our work to date and also of the growing awareness of impact investing,” said executive director Bill Murphy.

The award comes after Purpose Capital made several investments.

This included Bureta Build to Rent. Purpose Capital has raised and led a $4 million debt syndicate in this secure, Homestar-rated development in Tauranga. Bay Trust was a co-investor.

Purpose Capital also raised and led a $10 million equity investment syndicate in one of New Zealand’s largest utility-scale solar projects for Lodestone Energy, which aims to provide enough electricity for a city. the size of Tauranga.

Two of the five solar farms are located in the Bay of Plenty. Horizon Trust was a co-investor.

Following its initial investment of $5.5 million in June 2020, syndicate Purpose Capital (Bay Trust, Horizon Trust) invested an additional $2 million in Whakatōhea Mussels Ōpōtiki Ltd’s latest fundraising.

“With two more investment opportunities approved, we have begun considering the creation of our second impact fund in early 2023,” Murphy said.

United Fresh New Zealand receives Primary Industries NZ Summit Team Award

United Fresh New Zealand Incorporated has been awarded the New Zealand Primary Industries Summit team award for delivering 300,000 boxes of fresh fruit and vegetables to whānau during the Covid-19 lockdowns.

Some of these boxes were delivered to the Tauranga Community Foodbank.

The five-person management team was responsible for developing the Fruit and Vegetable Box project.

The project adapted existing supply relationships and networks to address food shortages and provide an outlet for fresh produce for restaurants, tourist outlets, cruise ships and airline catering.

United Fresh chief executive Paula Dudley said the award was recognition across the supply chain.

“We are absolutely delighted with this award. This is a testament to the long-term relationships between United Fresh members and the professionalism of the food distribution centers we have worked with.

The Fruit and Vegetable Box project was an adaptation of the Department of Health funded initiative of United Fresh, Fruit & Vegetables in Schools (FIS).

“As the lockdown approached, we knew school closures meant fruit and vegetables destined for FIS could not be delivered. This represented more than 120,000 tamariki potentially deprived of vital nutrition every day.

“With approval from the Department of Health to redirect existing funding, we submitted a proposal to the Department of Primary Industries for further assistance and liaised with United Fresh member Foodstuffs to secure a donation of 700 boxes of fruits and vegetables.

“We then used our existing supply chain relationships to send over 10 tonnes of produce to food banks and city missions throughout the lockdown periods.”

United Fresh managed to set up the Fruit and Vegetable Box project less than two weeks after the initial lockdown was announced and put in place quality control systems to manage the initiative as well as a series of financial measures and reporting, while negotiating the challenges of a team split into two bubbles for safety.

“We have done projects of this size before, but not in such extreme circumstances. It was only years of teamwork within our small group and alongside our members that allowed us to respond. so quickly,” Dudley said.

“The Primary Industries Award solidifies United Fresh as the leading organization in the pan-products industry, with 30 years of experience all culminating in this project.

“It’s a huge honor for our small team and we recognize the support of all of our members who have helped us take care of our community.”

Rotorua native plantation project receives major financial boost

A Rotorua charitable trust working to plant more than 100,000 natives each year has received $130,000 to buy the equipment needed to clear suitable land of gorse and blackberry bushes.

Tipu Waiāriki now has financial support from BayTrust ($30,000), Rotorua Trust ($81,000) and New Zealand Community Trust ($20,000) and has purchased a high horsepower chopper, ute and trailer to help prepare land for planting.

Rotorua businessman and Tipu Waiāriki founder Gregg Brown said the grinder was remote-controlled and weighed just over a tonne.

“It’s at least 20 to 25 times more productive than a person on a manual brushcutter.

“It can mow blackberries and gorse at about the same speed as you can mow your lawn. But obviously it’s a lot wider so we can cover quite a bit of ground in a relatively short time.”

Brown said he was extremely grateful for the financial support received from community fundraising organizations.

Tipu Waiāriki has planted around 20,000 plants so far and was in negotiations to secure nursery space in Rotorua so that the next crop of seedlings can be grown. They hope to plant at least 20,000 more next year and quickly ramp up from there.

“We want to get to 100,000 a year as soon as possible, but the retail price is $4.50 to $5 for a plant the size we like,” Brown said.

“So you’re talking about $400,000 to $500,000 a year, and there’s no funding of that magnitude. So we have to find a way to generate our own large-scale power plants as cheaply as possible.”

BayTrust Managing Director Alastair Rhodes said Tipu Waiāriki was a wonderful example of a community-led environmental initiative.

“We are very happy to contribute their new gear to help bring this project to life, and we look forward to seeing what Tipu Waiāriki can accomplish in the years to come.”

Tauranga metal artist featured in international luxury home magazine

Tauranga metal embossing artist Ninette Kruger’s artwork was featured in Condé Nast UK House and Garden Magazine’s ‘Art Edit’ August 2022.

Condé Nast House & Garden Magazine features some of the best international design and decor from around the world.

House & Garden approached Kruger in June to have their work featured in a series of their summer publications.

Kruger creates bespoke pewter and copper artwork for luxury interiors, his pieces taking inspiration from botany and the ocean. Each piece is handcrafted in his workshop in Bethlehem, Tauranga.

Kruger said his artwork Ode to Succulents, which featured in the magazine, was inspired by a friend’s love for succulents.

“Succulents represent tenacity, determination, life, endurance, longevity, perseverance, growth and survival,” she said.

“It’s a great reminder for us that even though we’re in the darkest places in our lives, we shouldn’t give up, and beauty can come from our trials and tribulations. Anything is possible.”