US hedge fund Matrix Capital Management sold down its stake in Wellington-based software developer Xero, selling to Silicon Valley tech investor TCV. Matrix sold 1.4 million shares, or about 1 per cent of the company, to TCV at $20 apiece on April 14 in an off-market deal, for a total of $28.6 million, notices to the stock exchange show. Matrix still holds 11.8 million shares, giving them an 8.5 per cent stake. The Xero investment comes from the TCV IX fund, which raised US$2.5b last year to focus on mature firms that had proved themselves in the marketplace. Xero shares recently rose 0.3 per cent $20.37, having gained 16 per cent so far this year.

Source: New Zealand Herald April 18, 2017 01:41 UTC