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Article: Richardson stung as investment fund slides
- Article from:
- Sunday Star-Times
- Article date:
- November 18, 2007
- Author:
CopyrightCopyright 2007 Sunday Star-Times. Provided by ProQuest LLC. (Hide copyright information)
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A PRIVATE equity investment fund overseen by former finance
minister Ruth Richardson has lost its investors 90 cents in the
dollar in just six years, and is appealing to long-suffering
investors to give it more cash to turn it around.
Ascot Private Equity Ltd, previously known as I-CAP Equity
Partners Ltd, was opened to members of the public with a capital
raising in 2001 involving more than 30 million units at $1 each.
The money was invested in unlisted companies such as Next Window,
Canterbury Ltd, Bungy NZ, and Radius Health Group.
But by March 31 this year, units were valued at just 10.2 cents
and the fund's assets were worth $4.2 million on a fair value basis.
Under GAAP accounting ...