Active Investor Plus Visa Pathway
Capital preservation,
by design.
A capital-preservation-focused note for AIP investors: it targets return of your principal and a 3% coupon, with a small slice converting to equity for upside. Returns are not guaranteed and your capital is at risk.
How your capital works
Treasury, designed to be repaid
$4.6M
92% of your $5M: investment-grade treasury, intended to be returned at maturity, funding the 3% coupon.
Converts to equity
$0.4M
8%: your only at-risk capital, for the upside.
Treasury-backed
92% in sovereign bonds & term deposits; income covers the coupon 1.59×.
3% income
A coupon paid every year: $450k on a $5M investment.
Real upside
The 8% slice converts at a 20% discount, $30M cap.
In our modelled scenario, even if the equity converts to zero you recover ≈ $5.05M on $5M. Illustrative, not a guarantee; capital is at risk.
How it compares
The other AIP routes lock you up for a decade, pay no income, and put your capital at risk.
| This offeringSAGE Note | Private Equity | Venture Capital | |
|---|---|---|---|
| Lock-up | 3 years | 7–10 years | 10+ years |
| Income during hold | 3% p.a. coupon | None (J-curve) | None |
| Capital protection | ~92% in treasury; principal targeted | Total loss possible | 70%+ failure rate |
| Total fees on $5M | $0 | $1.3M–$2.2M | $1.6M–$2.4M |
| Equity upside | 20% discount, $30M cap | Yes (blind pool) | High but high-risk |
| Liquidity at term | Principal + coupon back in cash | Locked / secondary only | Locked / secondary only |
PE/VC fees estimated on typical 2% management + 20% carry (on a 2× gross return) plus legal/admin/placement costs. The SAGE Note has none of these. Typical NZ market terms, 2026.
Modelled returns
On $5M over 3 years, the 3% coupon plus the modelled equity gain. These are modelled illustrations, not guarantees; returns vary and your capital is at risk.
Conservative
11%
over 3 years · 3.5% p.a.
Base case
13%
over 3 years · 4.3% p.a.
Upside
19%
over 3 years · 6.0% p.a.
Downside: if the equity converts to nothing, this modelled scenario still ends ≈ +1%. Illustrative, not guaranteed; capital is at risk.
Modelled on $5M: $4.6M treasury (repaid) + $0.4M equity (converts) + 3% coupon. Equity gain is the step-up to a 10× ARR value at conversion ($30M cap, 20% discount, 1.0× preferential rights), realised on a liquidity event. Modelled estimates only.
The terms
Treasury allocation:~80% sovereign bonds, term deposits & investment-grade cash; ~20% higher-yield. Closing December 2026 · 10 investors · $50M total.
Why New Zealand, why now
The 3-year term aligns with the AIP Growth category's 36-month minimum.
A stable destination
~500 high-net-worth investors choose New Zealand each year.
Attractive valuations
NZ businesses trade up to 60% below US & UK comparables.
Aligned with AIP
Income-paying and capital-preservation-focused, with no decade-long lock-up.
Interested in the SAGE Note?
A wholesale investor offering. Let's talk eligibility and allocation.
This page is for informational purposes only and does not constitute financial advice or an offer to invest. The SAGE Note is available to wholesale investors only, as defined under the Financial Markets Conduct Act 2013. Return projections are modelled estimates based on the stated assumptions and may not reflect actual outcomes; the equity component is illiquid and its value is realised only on a liquidity event. Capital protection refers to the treasury structure and is subject to interest-rate, credit, counterparty and market risk; it is not a guarantee. Past performance is not indicative of future results. Prospective investors should seek independent legal, tax and financial advice before investing.