Active Investor Plus Visa Pathway
Private Capital.
At Your Fingertips.
A hybrid convertible note combining a secure 3% annual coupon with meaningful equity upside — structured for safety, liquidity, and alignment.
Why This Note?
Designed for investors who prioritise capital preservation with genuine upside participation.
Safety First
80% of treasury deployed in sovereign bonds, term deposits, and investment-grade instruments. Coupon covered 1.37x by the safe bucket alone.
Predictable Income
3% annual coupon paid throughout the 3-year term. Treasury generates 5.20% gross — the coupon is fully covered before any higher-yield returns.
Equity Upside
Converts at 10x ARR with a $30M cap and 20% discount. 1.0x preferential rights. You participate in Maddition’s growth from a protected position.
How We Compare
Most AIP-qualifying investments demand long lock-ups, offer no income, and concentrate risk. The SAGE Note is designed differently.
| RecommendedSAGE Note | Private Equity | Venture Capital | Direct Investment | Private Credit | |
|---|---|---|---|---|---|
| Lock-up Period | 3 years | 7–10 years | 10+ years | Indefinite | 3–5 years |
| Income During Hold | 3% p.a. coupon | None (J-curve) | None | Variable | 6–8% |
| Capital Protection | 3% coupon covers most of principal | Total loss possible | 70%+ failure rate | Concentrated risk | Default risk |
| Equity Upside | 20% discount, $30M cap | Yes (blind pool) | High but risky | Yes (concentrated) | None |
| Transparency | Full treasury visibility | Limited (GP discretion) | Limited | Full but complex | Moderate |
Comparison based on typical market terms for AIP-qualifying investments in New Zealand as of 2026.
What You Actually Pay
Total fees on a $5M investment over the hold period. The SAGE Note has no management fee, no carry, and no hidden costs.
SAGE Note
Hold Period
3 years
Management Fee
0% ($0)
Performance / Carry
0% ($0)
Other Fees
$0
Total Cost on $5M
$0
Income During Hold
+$450k coupon
Private Equity
Hold Period
7–10 years
Management Fee
2% p.a. ($700k–$1M)
Performance / Carry
20% ($500k–$1M)
Other Fees
$75k–$150k
Total Cost on $5M
$1.3M–$2.2M
Income During Hold
No income
Venture Capital
Hold Period
10+ years
Management Fee
2–2.5% p.a. ($1M–$1.25M)
Performance / Carry
20% ($500k–$1M)
Other Fees
$50k–$100k
Total Cost on $5M
$1.6M–$2.4M
Income During Hold
No income
Direct Investment
Hold Period
Indefinite
Management Fee
0% ($0)
Performance / Carry
0% ($0)
Other Fees
$100k–$250k
Total Cost on $5M
$100k–$250k
Income During Hold
Variable
Private Credit
Hold Period
3–5 years
Management Fee
1–1.5% p.a. ($150k–$375k)
Performance / Carry
0% ($0)
Other Fees
$25k–$50k
Total Cost on $5M
$175k–$425k
Income During Hold
6–8% but credit risk
PE and VC carry estimated on a 2x gross return. Other fees include legal, admin, placement, and fund formation costs. SAGE Note has no management fee, no carry, and no placement fee.
Treasury Architecture
$46M deployed across a safety-first allocation. The safe bucket alone covers the 3% coupon obligation.
| Allocation | Target Weighting |
|---|---|
| Term Depositssafe | 36% |
| NZ Govt Bondssafe | 28% |
| Multi-Currency Cashsafe | 16% |
| Corporate Debt | 8% |
| SME Lending | 7% |
| Trading Desk | 5% |
Modelled Investor Returns
On a $5M investment over 3 years. Coupon + equity conversion at different growth outcomes.
Conservative
Maddition stays near current revenue
$1.7M
34.0% total (10.2% p.a.)
Base Case
Maddition hits 2027 revenue forecast
$3.16M
63.2% total (17.7% p.a.)
Upside
Maddition hits 2029 revenue forecast
$6.7M
134.0% total (32.8% p.a.)
Returns modelled on $5M investment. Equity conversion at 10x ARR, $30M cap, 20% discount, 1.0x preferential rights. Actual returns may vary.
SAGE Note Terms
Capital Deployment
Treasury (Fixed Income)
$46,000,000
Operational Capital
$4,000,000
Why New Zealand? Why Now?
Safe Haven Destination
500 high net worth individuals forecast to move and invest in New Zealand annually. Political stability, quality of life, and natural environment.
Depressed Valuations
NZ business valuations trading up to a 60% discount to equivalents in the US, UK, and parts of Europe. Significant entry value.
Generational Wealth Transfer
Over 40% of local businesses looking to sell in the next 5 years. Active trend toward more liquid assets. Open banking launching Dec 2025.
AIP Visa Alignment
The SAGE Note's 3-year term is designed to align with the Active Investor Plus Growth category's 36-month minimum investment period. We are currently seeking AIP approval in the Growth category.
Learn more about Active Investor Plus →Interested in the SAGE Note?
This is a wholesale investor offering. Speak with our team to discuss eligibility, allocation, and next steps.
Closing by December 2026 | 10 Investors | $50M Total
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. Past performance is not indicative of future results. Return projections are modelled estimates based on stated assumptions and may not reflect actual outcomes. Treasury returns are subject to interest rate, credit, and market risk. Prospective investors should seek independent legal, tax, and financial advice before making any investment decisions.