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KTT Limited Partnership

Kestrel Capital established the KTT Limited Partnership (KTT) in 2012 to invest in Tru-Test Corporation Limited, acquiring an existing shareholding and providing new equity. KTT is now the largest shareholder in Tru-Test.


Kestrel's Niall Cairns is a director of Tru-Test and a member of the Audit committee.


During Kestrel's involvement Tru-Test's revenues have doubled and its profitability has grown strongly.


KTT summary:

  • Special Purpose Vehicle (SPV) with a single investment - Tru-Test Corporation Limited;

  • New Zealand Limited Partnership;

  • Seven limited partners - all international private, family office or institutional investors;

  • Tax effective structure; and

  • Managed by Kestrel Capital on a distribution focused management fee arrangement that aligns interests.








Tru-Test Corporation Limited (

Tru-Test is one of New Zealand's pre-eminent Ag-Tech companies with operations in six countries, manufacturing in New Zealand and USA, and selling to over 100 countries. Founded in the 1960's, Tru-Test develops manufactures, distributes and sells "Productivity tools and solutions" to farmers with a focus on both the dairy industry and pasture based farming. Tru-Test is the world leader in livestock production systems, including electric fence technology, milk cooling and storage, animal weighing and recording and milk metering.


Tru-Test has won numerous industry and exporter awards, including in 2013 the New Zealand International Business Awards: ANZ Best Business Operating Internationally over $50 million Award, and the Judges’ Supreme Award for International Business.

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