Harbour Asset Management has invested in Altered Venture Fund II, Altered’s venture capital fund targeting $100 million to back high-growth, high-ambition companies with proven product-market fit. Harbour’s commitment broadens the institutional investor base of Fund II, which now includes government, KiwiSaver, wealth, and managed funds.
Harbour sees private markets as a key part of its long-term offering and Altered as a partner to access the high-quality opportunities it seeks for its clients’ portfolios.
“Private markets can play an important role in delivering diversified long-term returns for our clients, and we believe Altered Capital’s disciplined approach and access to high-quality opportunities make them a valuable partner in this space,” says Lewis Fowler, Portfolio Manager at Harbour Asset Management.
“We look forward to supporting the next generation of New Zealand businesses through this investment.”
Fund II has already invested in three companies: Contented, an AI assistant that turns workplace conversations into business-ready documents, Ideally, which is disrupting market research by offering insights from real people in near real time at a fraction of the cost of a traditional agency, and Pearler, an Australian wealth platform built for the next generation of long-term investors.
Altered only invests in outstanding businesses once they are proven. The purpose of Fund II is to provide capital that removes all growth constraints and to support founders to unlock opportunities at every stage of their growth journey. Fund II will hold a concentrated portfolio of 10 to 12 companies, with a New Zealand focus and global deal flow.
“We’re delighted to welcome Harbour Asset Management as an investor in Fund II,” says Altered Capital Managing Partner McGregor Fea.
“Harbour is one of New Zealand’s largest and most respected investment managers, and has long made the case for private markets playing a bigger role in New Zealanders’ portfolios. Their backing means a great deal to our team. Through Fund II, we are proud to bring institutional capital from New Zealand and abroad to grow our country’s most ambitious companies.”
Fund II remains open to wholesale investors ahead of its final close on 31 December 2026.
About Altered Capital
Altered Capital is a New Zealand based venture capital and growth investor, backing teams with proven traction to reach their greatest ambitions. Founded from success in the most competitive markets in the world, Altered has over $350 million in committed capital, and has backed Kiwi success stories such as Crimson Education, First Table, and Oritain.
About Harbour Asset Management
Founded in Wellington in 2009, Harbour Asset Management is one of New Zealand’s most highly rated investment managers. Its clients include KiwiSaver funds, charitable trusts, iwi, government institutions, corporate superannuation funds, financial advisers and high net worth individuals.