Pie Funds has announced a new partnership with Altered Capital, becoming the first KiwiSaver provider to invest in the New Zealand venture capital firm.
The investment will form between 2-4% of the Pie KiwiSaver Scheme Aggressive Fund, giving members access to a concentrated portfolio of high-growth private New Zealand technology firms.
Altered Capital’s venture strategy focuses on backing exceptional founders who have already proven product–market fit and are looking to scale rapidly. The firm’s approach combines deep local support with global venture expertise, helping ambitious founders unlock their potential and take New Zealand innovation to the world.
Altered’s previous New Zealand investment success stories include Crimson Education (global education-tech), Starboard (maritime intelligence) and Oritain (supply chain verification).
As part of the partnership, Pie Funds founder and Chief Investment Officer Mike Taylor will join Altered Capital’s Advisory Committee, a governance group that ensures alignment between the manager and its investors.
Ana-Marie Lockyer, CEO of Pie Funds, said: “This partnership strengthens our commitment to supporting ambitious Kiwi founders and provides our KiwiSaver members with access to high growth opportunities normally reserved for wholesale investors. Altered Capital’s philosophy of unlocking potential aligns strongly with Pie’s boutique, high-conviction approach.”
McGregor Fea, Managing Partner at Altered Capital, said: “Altered exists to unlock potential – we invest in ambitious New Zealanders scaling big ideas with proven traction. Pie Funds is an exceptional New Zealand company, with a team that we admire. Their involvement reflects a shared belief in backing great founders to build globally competitive companies from New Zealand. We’re excited to welcome Mike Taylor to our advisory committee and to work closely with Pie Funds as we enter this next chapter.”
The investment builds on Pie Fund’s existing exposure to New Zealand start-ups through the Pie KiwiSaver Growth Fund’s investment in Icehouse Ventures, broadening access to innovation for more KiwiSaver members.
More information
Click here to watch Altered Managing Partner McGregor Fea and Pie founder and Chief Investment Officer Mike Taylor discussing the partnership
About Pie Funds
Pie Funds is a boutique New Zealand-owned KiwiSaver, investment funds and wealth manager. As at 31 December 2025, it managed more than $2.5 billion of funds and had generated more than $1.1 billion in wealth (after fees, before tax) for its clients since the firm was founded in 2007.
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 $300m in funds under management, including investments into Kiwi success stories such as Crimson Education, Starboard Maritime and Oritain.
Pie Funds Management Limited (“Pie Funds”) is the issuer and manager of the funds in the Pie KiwiSaver Scheme, the product disclosure statement of which can be found at www.piefunds.co.nz. Past performance is not a guarantee of future returns. Returns can be negative as well as positive and returns over different periods may vary.