Capital Markets: WNT Ventures launches fourth fund, targets deep tech growth (NZ Herald)

WNT Ventures has become one of New Zealand’s most enduring early-stage deep-tech investors.

Ten years since its launch, the firm has begun deploying capital from its fourth fund, a rare milestone in New Zealand’s venture capital (VC) landscape.

“We’re very excited about our fourth fund,” says Maria Jose Alvarez, WNT Ventures’ managing partner. “Only two other funds are at a fourth vintage or more – Movac and Icehouse. That puts us among the few who’ve seen the full life cycle of a fund.”

WNT’s track record backs that longevity. Its first fund delivered a net annual return of around 20%, with all investor capital returned and more upside expected. Fund 2 is tracking even higher at 25%. Launched last month, WNT’s latest fund is targeting $35-$40 million, building on its commitment to backing early-stage deep tech ventures. Its bigger size will allow for larger investments and more meaningful follow-on support.

“Looking back at our first fund, our very first investment was $150k into a company. At the time, it was a big deal – it helped them go from a benchtop lab to something slightly larger,” Alvarez says. “Today, our typical investment is between $1.2 million and $1.5 million; $150k just doesn’t move the needle anymore.”

Alvarez notes that while New Zealand start-ups have traditionally been capital-efficient, WNT is now better positioned to provide meaningful backing at an early stage and to double down on the companies that are performing strongly, with follow-on investment. The increased capital also allows WNT to more consistently support capital-intensive phases, such as pilot plants or prototyping, often critical for commercialising scientific IP.

Experience through cycles
WNT’s decade of activity means it has seen the market at both its peaks and troughs. That context is proving valuable in the current economic climate.

“We’ve lived through economic hardship before,” Alvarez says. “What matters now is helping our founders navigate it – encouraging capital discipline and building businesses that can withstand pressure.”

That discipline has earned WNT lasting credibility with its investors.

“We’ve been consistently returning capital for seven years, regardless of the economy,” says Alvarez. “But now more than ever, founders need to understand what’s expected. If you’re raising capital, you need to hit your milestones – otherwise the whole system comes under pressure.”

Strategic focus and trends
WNT remains broadly generalist in its tech investments, though Alvarez says the fund has clear boundaries.

“We avoid drug development, basic diagnostics and now – given the hype – the benchmark for AI [artificial intelligence] investment is much higher,” she says. “That said, we’ve backed companies with core AI capabilities before, in 2019 and 2021, because they were ahead of the curve.”

Alvarez sees waves of innovation shaping New Zealand’s start-up ecosystem. “A few years ago, everyone seemed to be working on sensors. Now the big focus is decarbonisation: things like biomanufacturing, precision fermentation, synthetic biology and manufacturing.”

These sectors are addressing urgent commercial challenges, including supply chain resilience and cost efficiency, while also delivering major emissions-reduction potential.

But Alvarez cautions against chasing buzzwords. “Last year there was hype around climate. Now, ‘climate tech’ is thrown around left, right and centre. But climate as a label will only get you so far. You still need to solve a real problem.”

WNT’s new fund has already made its first investment, into Captivate Technologies, which develops carbon-capture technology.

“The company already has a lot of commercial and pilot agreements in place, which for early stage deep tech is quite rare. So we were really excited about seeing the clarity in the value proposition.”

She says WNT is particularly interested in companies operating in overlooked but essential sectors.

“I like some of the innovation we’re seeing in ‘boring’ areas like instrumentation and manufacturing. These are consistent sectors with real, persistent pain points, which are always sought after, regardless of economic conditions.”

Although not actively investing in AI, Alvarez says the technology has become a critical internal tool for both founders and investors.

“It’s always in the background, helping assess competitors, test positioning, identify market opportunities. When used well, it sharpens thinking across the board.”

Attracting better talent
While capital is critical, Alvarez says talent remains one of the biggest constraints to growth.

“The main problem isn’t building companies, it’s having the talent to support and scale them. Recruiting experienced technical teams and seasoned management is becoming increasingly difficult.”

This is where she sees an opportunity for the Government to step up. “It’s great to see initiatives like the Active Investor Plus visa – that has been outstanding for us in terms of attracting capital and global connections,” Alvarez says.

“Our third fund launched during Covid, so we didn’t raise offshore at the time. But since then we’ve built strong relationships in the US, Germany, and Hong Kong. These markets have proven to be really valuable for us.”

But Alvarez says more could be done to make New Zealand’s innovation ecosystem sustainable.

“We need a more integrated approach, starting from early education and continuing through university and PhD pathways. At the same time, we also need to support entrepreneurs who might not fit the traditional VC model,” she says.

As WNT enters its second decade, Alvarez says the firm’s focus remains unchanged: finding the right team, working on the right problem, at the right time.

“New Zealand has all the ingredients to build globally competitive deep-tech companies,” she says. “With aligned capital, talent, and support, we can go from clever ideas to real, scalable impact.”

Dynamic Business: Chair of the Year – Port of Auckland’s Jan Dawson wins Deloitte Top 200 Award (NZ Herald)

Jan Dawson is the 2024 Chairperson of the Year at the Deloitte Top 200 awards.

With extensive experience governing large organisations, this award celebrates the significant transformation of the Port of Auckland that has enhanced safety and delivered strong financial results.

Dawson has been the chair of Port of Auckland since September 2021, and since then, has led the port on a transformative journey that has revitalised its operations, improved stakeholder trust, and set the foundation for long-term growth.

Deloitte Top 200 judge Hinerangi Raumati says Dawson “brings a gravitas that has been crucial in rebuilding trust during challenging times”.

“Under her leadership, the port has made significant strides in overcoming complex issues – from securing a new CEO to addressing an automation project that had become derailed, fostering stronger collaboration with unions, and aligning more closely with Auckland City Council, the port’s primary stakeholder.”

As well as the port, Dawson is a director of Serko and ACC.

She has previously held roles as chair of Westpac New Zealand, deputy chair of Air New Zealand and director of AIG Insurance New Zealand, Beca, Goodman Fielder and Meridian Energy. Before this, she held the chair and chief executive position at KPMG New Zealand, following a career in audit, consulting and accounting services in the United Kingdom, Canada and New Zealand.

The judges note that when Dawson took over as chair of the Port of Auckland, it was grappling with significant challenges including operational disruptions and strained relations with its shareholder, Auckland Council.

She recalls: “The port had been through a tough time with Covid and supply chain disruptions, and it became very clear that we needed to get back to basics.”

The appointment of a new chief executive was a critical first step. Dawson and the board appointed Roger Gray to steer the port towards a sustainable future.

“When Roger came on board, we agreed a nine-year roadmap, focused on delivering cargo to customers in a timely, efficient manner across all businesses of the port,” Dawson says, crediting his expertise and leadership as pivotal in aligning the port’s goals with stakeholder expectations and rebuilding respect as a company.

Her approach as chair has been described by the judges as “calm and consensus-driven, ensuring that every board member has a voice in the strategic direction of the Port of Auckland” – an assessment Dawson embraces.

“If you ever have to take a vote at a board meeting, you’ve failed,” she says, adding that with a good board, everyone has something to add, and the role of chair is about ensuring everyone’s voice is heard and finding solutions that benefit the company. This approach has been instrumental in building trust not only within the board but also among the port’s diverse stakeholders.

Under Dawson’s leadership, the port has built a strong relationship with Auckland Council, the port’s sole shareholder. By maintaining open communication and involving unions in decision-making processes, particularly around safety and productivity, she has fostered a collaborative atmosphere.

“Transparency and communication have been crucial,” she explains. This openness extends to the media as well, with Dawson implementing a proactive approach to media relations to ensure clarity and honesty about the port’s operations.

Dawson says her highlight this year has been overseeing the port’s delivery of key financial and operational goals ahead of schedule.

“We have got to where we thought we would be in three years, in two,” she says.

In the past year, the port increased its dividend to $40 million, a testament to its renewed focus on financial performance and shareholder value.

But Dawson points out that this achievement was not only financial. “We didn’t just focus on financial performance. We are focused on people, safety, and what customers value and want.

“And we did that at a time when there was a lot of distraction for the executive team and the board with the prospect of the Long-Term Plan requiring us to look at a long-term operating lease of the port, which had the potential to distract management away from what we were doing in a transformational sense and from what they needed to do.”

Looking ahead, the port is planning for its next phase of development to ready it for the future.

It aims to enhance Bledisloe North Wharf with upgraded infrastructure that will help the port meet Auckland’s freight needs, support the cruise industry, while also providing more access to the waterfront for Aucklanders and reducing ferry disruptions. Dawson is excited about these initiatives, which she sees as essential to securing the port’s place as a vital asset for Auckland and New Zealand.

“The port will be here for the next 35 years minimum,” she says confidently, looking forward to a new era of growth and innovation.

Finalist: Dame Rosanne Meo, Briscoe Group
Dame Rosanne Meo describes her two-decade tenure as chair of Briscoe Group as “an extraordinary journey” filled with both challenges and achievements.

Throughout periods of market disruption – from the financial crisis to the rise of e-commerce and the pandemic – her steady leadership has kept Briscoe Group on course, reinforcing its resilience.

In recognising her as a finalist for Chairperson of the Year, the judges applaud Meo for her strategic vision and commitment to Briscoe Group’s long-term success.

“Despite the ongoing challenging retail environment, Briscoe Group delivered record sales numbers in its most recent half-year result and an underlying trading profit close to last year,” says Raumati.

“This is an impressive result and Meo’s leadership has reinforced the company’s strong position in New Zealand’s homeware and sporting goods market.”

Meo attributes much of her success to a strong partnership with CEO Rod Duke, whose operational expertise she views as essential to Briscoe Group’s achievements. However, she emphasises the importance of directors maintaining “a very strong hand on the tiller” while respecting management’s responsibility to run the business.

As she explains through a “grandstand” analogy: “Directors must not go on to the field of play. At times, they’ll come down to the sidelines to cheer or shout a bit of advice, but the further up the grandstand you sit, the more you see of the field, and of adjacent fields.”

From this vantage point, she says, “you can have an objectivity that is very hard for executives when you’re living in the company on a day-by-day basis”.

As one of the first professional woman directors in New Zealand, the first woman to chair a state-owned enterprise in New Zealand and the first woman to lead an NZSX-listed company, Meo’s impact on the nation’s corporate landscape is profound. The judges commend her for having “shaped a legacy of governance grounded in inclusivity, respect, and steadfast independence”.

Meo’s extensive board experience has included roles as chair of TVNZ, the Forestry Corporation, AMP NZ, and Baycorp NZ. She currently serves as patron of the Auckland Philharmonia and as chair of AMP NZ’s staff superannuation schemes. Recently, she retired from her roles with the Kelliher Trust and the Middlemore Health Foundation.

“I’ve never gone after big names,” she says. “I’ve sought out diverse sectors where I could make a meaningful contribution.”

An advocate for continuous improvement, Meo stresses the importance of directors scrutinising themselves to avoid becoming “too isolated in a boardroom”. She believes in openly sharing these evaluations with fellow directors and executives to ensure that everyone is “independent of thought” and responsive to the current conditions.

“Every board should be doing this every year,” she says. “But we should all be doing it whether we’re a director or not. Are we doing our best? That is very important.”

Meo has announced that she will step down as chair of Briscoe Group in two years, concluding her influential chapter with the company. While she plans to spend more time with her family, including her two daughters and five grandsons, she says she will remain engaged in causes and sectors that spark her passion.

Finalist: George Adams, Synlait
George Adams’ leadership has been instrumental in guiding Synlait through a period of financial instability, culminating in a $217.8m recapitalisation.

The Deloitte Top 200 judges recognise Adams as a finalist for Chairperson of the Year for his role in steering the specialty milk producer through crisis and commend him for stabilising Synlait’s future.

Adams was appointed as an independent director of Synlait in March 2024 and became chair in May 2024. Top 200 judge Hinerangi Raumati Tu-ua says his tenure “stands as a testament to resilience, strategic foresight, and a willingness to step into challenging situations when others might hesitate”.

Adams explains that he “thought long and hard about joining Synlait” but ultimately decided its importance to New Zealand made the effort worthwhile.

He believed he could navigate Synlait’s challenges while addressing concerns raised by the Mainzeal case, which left many directors wary of high-risk roles.

“Mainzeal caused a large amount of concern in the director community – and rightly so,” he says.

“I felt there had to be a way to show that directors can guide companies through difficult situations without putting their own assets at risk.”

Adams says that “because something is hard is not a reason to not do it”, candidly describing Synlait’s situation as “frankly bloody hard, but the outcome was worth it”.

Synlait’s troubles reached a breaking point earlier this year, as its debt burden became unsustainable.

“We had to negotiate with the banks, who were running out of patience,” he says. “We had to completely refinance the business to the tune of $450 million, settle years-long disputes with our largest customer, and at the same time ask them for money. Then we had to figure out the best route to raising capital by being fair to everyone while being certain we could raise the amount of capital required.”

At the same time, Synlait lost the confidence of its farmer suppliers, with many issuing cease notices to signal their intent to stop milk deliveries. “A dairy company without a milk supply is just a big collection of worthless stainless steel,” says Adams.

He reflects on this process, noting there were several points where the balance of probability was that a solution wouldn’t be found.

With time ticking, the board had to make swift, decisive moves.

“In this environment, you can’t afford to debate things endlessly, you have to resolve a position and move forward,” he says, describing his role as ensuring necessary conversations and decisions happened within strict deadlines.

The board engaged legal representatives and an investment banker, and constantly evaluated its position, rigorously testing assumptions on directors’ duties and going concern. “Really good advice was absolutely invaluable – it was a safe haven,” says Adams, urging other directors facing crises to prioritise quality advice.

The recapitalisation involved substantial investment from Synlait’s two largest shareholders, Bright Dairy and The a2 Milk Company, requiring intricate negotiations with banks and strategic alignment among stakeholders.

Looking ahead, Adams sees the recapitalisation as “just the end of the beginning” for Synlait. His attention now shifts to business turnaround, with a focus on customers, revenue and cost. He says performance will be critical to give farmer suppliers sufficient confidence to withdraw their cease notices.

Beyond Synlait, Adams is chair of Bremworth, New Zealand Frost Fans, Netlogix New Zealand, Apollo Foods, Insightful. Mobi and the Business Leaders’ Health and Safety Forum. He is a director of ArborGen.

The Chairperson of the Year award is sponsored by Forsyth Barr.

Dynamic Business: Fonterra, Zuru Group’s Mowbrays triumph at the Deloitte Top 200 Awards (NZ Herald)

Fonterra was a standout winner at the Deloitte Top 200 Awards 2024, claiming three prestigious awards. Port of Auckland also celebrated a stellar night with two wins at one of the most anticipated events in New Zealand’s corporate calendar, and Zuru Group’s Mowbray siblings claimed the visionary leadership award.

Held at Auckland’s Viaduct Events Centre, the black-tie dinner brought together nearly 900 business leaders to celebrate resilience, innovation, and strategic leadership driving New Zealand’s economy forward during an era of global challenges.

Dairy giant Fonterra was named Company of the Year, a testament to its transformative journey over the past year.

The cooperative has implemented significant changes — reducing debt, exiting non-core businesses and concentrating on high-quality ingredients and food service products.

This strategic shift, along with disciplined cost management and sustainability initiatives, has solidified shareholder confidence and driven remarkable financial performance.

In September this year, Fonterra posted a net profit of $1.1 billion for the 2024 financial year, following a record $1.6b profit the previous year.

The panel of high-profile judges, convened by NZME’s Fran O’Sullivan, praised Fonterra’s ability to balance transformation with financial discipline, noting:

“Profits have improved markedly. Strong cash flow has driven down debt and supported payment this year of a 50c special dividend to its shareholders — helping to drive a 71% increase in the Fonterra shareholder fund unit price.

“By concentrating resources on areas with the highest potential, Fonterra is well-positioned for sustainable earnings growth, despite tough international markets.

For his pivotal role in Fonterra’s turnaround, chief executive Miles Hurrell was named Chief Executive of the Year.

Hurrell’s leadership has delivered record profits, improved milk payouts to farmers, strengthened the cooperative’s balance sheet, and improved employee engagement.

“Miles has focused on Fonterra’s core operations of processing and selling New Zealand milk efficiently while divesting less critical parts of the business and considering the sale of its consumer division,” the judges said.

“With a collaborative approach, Miles has built an aligned and forward-thinking team, making him a stand-out chief executive.”

The Visionary Leader award went to Zuru Group siblings, Mat, Anna and Nick Mowbray, in recognition of their courage, creativity and innovation that has built a multinational juggernaut.

Established in 2003, Zuru Group now generates $3 billion in annual revenue, employs 5000 people across more than 30 locations globally and spans toys, fast-moving consumer goods (FMCG), and tech building.

The Top 200 judges commended the siblings’ bold decision to leave New Zealand in their 20s to establish themselves in China.

“They have sustained their entrepreneurial spirit, which has seen the company expand into new areas utilising China’s scale and technological prowess.

“Such ambition and success take courage, innovation and a lot of hard work, and in the opinion of the judges best exemplifies the visionary leadership of this award.”

The exceptional leadership of Jan Dawson, chairwoman of Port of Auckland, has earned her the title of Chairperson of the Year.

Since assuming the role in September 2021, Dawson has helped revitalise the port’s operations, improved stakeholder trust, and set the foundation for long-term growth.

The port has built a strong relationship with Auckland Council, the port’s sole shareholder, and this year increased its dividend to $40 million, reflecting its financial turnaround and focus on shareholder value.

“Under her leadership, the port has made significant strides in overcoming complex issues,” the judges said. “From securing a new CEO to addressing an automation project that had become derailed, fostering stronger collaboration with unions, and aligning more closely with Auckland City Council, the Port’s primary stakeholder.”

Meridian’s chief financial officer Mike Roan earned the title of Chief Financial Officer of the Year for his critical role in driving operational growth. Under his leadership, the partially state-owned energy company achieved a 16% increase in earnings before interest, tax, depreciation, amortisation and financial instruments (Ebitdaf), reaching $905m in the past year.

“Mike Roan has been recognised by his board and the market as one of New Zealand’s leading CFOs over multiple years,” the judges said.

“He is an absolutely integral member in chief executive Neal Barclay’s team that has posted market-leading returns.”

Global dairy marketer The A2 Milk Company received the Most Improved Performance award for its operational turnaround and resilient business model.

Amid challenging regulatory environments in key markets such as China and the United States, a2 Milk negotiated new strategic partnerships, strengthened its leadership team, and surprised the market with upgraded earnings guidance. The company will pay its first-ever dividend in February.

“While the journey is not complete, there are good signs that a2 Milk is back on track,” the judges said.

Infratil’s strategic foresight and disciplined approach to long-term infrastructure investments have driven remarkable growth, earning it the Best Growth Strategy award.

With early bets on data centres and renewable energy, the infrastructure investment firm’s strategy reflects bold decision-making and exceptional execution which have been a hallmark of its success. Shareholder returns have been exceptional at a compound annual rate of 23% a year over the past five years.

“These accomplishments reinforce Infratil’s strategy in infrastructure investment, with a focus on driving innovation and sustainable growth around what the company describes as ‘the ideas that matter’,” the judges said.

Continuing Fonterra’s run of success last night, Richard Allen was named Young Executive of the Year in recognition of his exceptional leadership and strategic vision.

Over his eight years at Fonterra, Allen has improved capital efficiency, developed strategic customer relationships, and identified the need to shift from siloed and reactionary initiatives.

Now President Global Market Ingredients, he is focused on expanding Fonterra’s markets and diversifying income streams.

“His strategic restructuring of the Atlantic region and innovative approaches not only strengthened Fonterra’s position in international markets but also contributed significantly to New Zealand’s export legacy,” the judges said.

Port of Auckland was named winner of the Diversity & Inclusion Leadership Award for its transformative approach to addressing deep-seated organisational challenges through a bold focus on diversity, equity, and inclusion.

“By prioritising a people-centred approach, they created a high-engagement, high-performance culture that recognised and served the unique needs of their diverse workforce and stakeholders,” the judges said.

The reset has achieved remarkable improvements in safety, employee engagement, union relationships, and overall performance, demonstrating the power of diversity and inclusion to drive sustainable change and deliver exceptional outcomes.

Spark NZ took home the Sustainability Leadership award for its long-term commitment to embedding sustainability across its operations.

The judges recognise Spark for its governance, accountability, and measurable progress in decarbonisation and digital inclusivity.

“Since 2020, Spark has been implementing a comprehensive three-pillar strategy, fully integrated into its day-to-day operations and across the entire footprint of the company.”

The Deloitte Top 200 awards include a special Judges’ Award, designed to recognise individuals or organisations whose performance has made a significant impact on the business community.

This year’s recipient is Dr Oliver Hartwich, executive director of The New Zealand Initiative, honoured for his outstanding contributions to public policy and thought leadership in New Zealand.

Hartwich has been instrumental in shaping public discourse, not only by identifying critical challenges facing the country but also by proposing practical solutions.

Under his leadership, The New Zealand Initiative has delivered rigorous, independent research that has influenced national debates and informed key policy decisions.

“We recognise his sterling contribution to public policy thinking and his willingness to advocate publicly through significant media engagement,” the judges said.

They highlighted that in recent years, The Initiative’s policy recommendations have played a pivotal role in several critical areas, with a particular mention of its work in improving New Zealand’s education system.

The Deloitte Top 200 Index consists of New Zealand’s largest entities ranked by revenue. These include publicly listed companies, large unlisted entities, New Zealand subsidiaries and branches of overseas companies and the commercial operations of Māori entities; also producer boards, co-operatives, local authority trading enterprises and state-owned enterprises.

An overview of the Top 200 Index, along with New Zealand’s Top 30 finance companies, is featured at the end of this report. This includes insights into revenue, profitability, efficiency and other key metrics. These numbers offer an insight into how the biggest companies in New Zealand operate and are accompanied by commentary and analysis from the Herald’s team of business reporters.

The high-level view of the Top 200 this year shows total revenues increasing by 4.1%, a modest rise compared to the 12.4% growth seen in 2023. However, underlying earnings (Ebitda) fell by 8.1%, and total profits after tax declined significantly, down 57.2% year-on-year.

In the financial sector, the Top 30 finance companies showed a marginal decline in year-on-year assets of 0.9%, while cumulative profits rose slightly by 0.8%.

ANZ remains the largest bank by a considerable margin, with $194b in assets — $61b ahead of second-placed Westpac. ANZ also outpaces all other banks in terms of profit and equity.