First Light Capital provides commercial and industrial real estate managed funds (Funds) and property syndicates (Syndicates). Our Funds and Syndicates are collective investment vehicles which means that you invest alongside multiple other investors in one or more properties. Our Funds and Syndicates have no set time duration but should be viewed as medium-long term investments. Your investment will end when the Manager decides to sell the property within a Syndicate you are invested in, or to wind up the Fund that you are invested in.

Alternatively, the Manager will run a secondary market facility to facilitate the sale of your shares or units when required.

For Syndicates and Funds that are listed on the Syndex platform, investors will be able to access the secondary market facility provided by Syndex.

Secondary market sales are dependent on the performance of the particular Fund or Syndicate at that particular time.

The minimum investment in our Funds and Syndicates is $100,000 with subsequent investment amounts of $50,000 accepted.

Our Funds and Syndicates are not open to the public. They are only open to Wholesale Investors or investors who qualify as Eligible Investors as classified under the Financial Markets Conduct Act 2013. For clarification about Wholesale and Eligible Investors please visit the relevant page of the New Zealand Government legislation website on the FMCA 2013 here.

For more information on who can invest with First Light Capital, read our insights article here

When you apply for shares or units in our Funds or Syndicates we will require your bank account details into which we will pay your returns. Please note that this bank account must be the same bank account as the one provided by the investor who completed the application form.
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Our Funds and Syndicates pay your investment returns monthly.

Capital gains in our Funds and Syndicates will be reflected in the share or unit price of that particular Fund or Syndicate. Capital gains may from time to time be realised by the Manager selling a property. The Manager may then re-invest the sale proceeds in a new property or distribute the proceeds to investors.

Investors may also sell their shares or units by completing a secondary market sale of their shares or units.

The actual prices realised in the sale of properties within the funds or syndicates or for the secondary sale of shares, will be dictated by a number of factors at any particular time. First Light Capital provides no guarantees as to the performance of our Funds or Syndicates.

For Funds and Syndicates which are structured as Portfolio Investment Entities (PIEs) for tax purposes, a share of the PIE’s net taxable income is allocated to you based on your interest in the Fund or Syndicate. The Fund or Syndicate will pay tax on your share of this net income at your notified Prescribed Investor Rate (‘PIR’). This will be deducted from your monthly distribution.

PIRs are determined by whether you are investing as an individual, trust, estate, company, incorporated society, or partnership. If you are an individual, it will also depend on your taxable income. Your PIR may be 0%, 10.5%, 17.5% or 28%. You do not normally pay any further tax if your PIR is above 0% and you have provided the correct PIR. The Manager will send you an annual tax statement at the end of each financial year.

The highest PIR is capped at 28%, hence there can be tax advantages for individuals and trusts on a higher marginal tax rate. Another advantage of the PIE tax regime is that you benefit directly from the tax deductions of the Fund or Syndicate, including tax depreciation and unrestricted interest deductions. This means that your taxable income may be less than your distribution. Furthermore, capital gains realised by the Fund or Syndicate may be distributed to investors tax-free.

For Funds and Syndicates structured as limited partnerships or ordinary partnerships, investors will need to pay their own tax on their share of the partnership’s net taxable income at the investor’s applicable marginal tax rate. The Manager will send you an annual statement at the end of each financial year.
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Partners also benefit from the tax deductions of the Fund or Syndicate, including tax depreciation. Capital gains realised by the Fund or Syndicate may be distributed to investors tax-free.

A new application is required for each separate investment entered into. For existing investors, where we hold up to date AML/CFT documentation, we do not require this to be repeated.
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First Light Capital is the manager of the Funds and Syndicates and is an AML/CFT reporting entity. We are therefore required to comply with New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and similar AML laws of other countries. We cannot accept your Application Form until we have received certain documents from you. For most individuals we can verify your identity and address electronically, however there may be situations where this is not possible. In addition the AML/CFT requirements for Companies & Trusts are more stringent.

For more information on AML/CFT, click here. Start your AML form here.

There are a number of risks associated with all investments and investing in commercial real estate is no different. The Investment Statement for each separate investment offer contains a comprehensive list of risks that you should consider. If you are unsure, please call the Manager who will discuss these risks with you. We also advise that prior to making an investment in one of our Funds or Syndicates, independent financial advice is received to make sure that the investment suits your risk profile.