Not specifically Movac. The theory behind it is similar to the Punakaiki Fund or Powerhouse. The main differentiator is they have a longer track record (this is their fourth Fund) and have had some very good investments - I think TradeMe in their first fund is still their best. They are also set up as a traditional VC fund model (ie. Limited partnership) unlike the corporate model of the two noted above (though Powerhouse was originally a series of 4 limited partnerships and sould have stuck with that). Global from Day 1 is another example which is onto its second fund and has raised $40m(?).
I note Movacs first investment for Fund 4 was Vend which Punakaiki invested in in the prior round.
Overall, it is great that they have raised over $100m but I didn't investigate as I didn't think I could afford the minimum investment.
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