9 July 2026

Letter from the Founder

Dear Investor,

 

 

At Yes Capital, we believe responsible investment is about more than financial returns. It is about contributing meaningfully to New Zealand’s long-term prosperity, its economy, its communities, and its future generations.

 

Our vision is shaped by the unique philosophy of Kua Value: a cross-border, cross-cultural value transformation approach that identifies overlooked or undervalued resources and unlocks their true potential. This principle guides us to create lasting value through respect for people, the land, and the opportunities of tomorrow, while always safeguarding our investors’ interests.

 

Having founded GMP Pharmaceuticals over three decades ago and developed it into one of Australasia’s and New Zealand’s leading health product manufacturers, I have witnessed how disciplined, long-term investment can deliver meaningful outcomes. Not only for investors, but also for industries, communities, and national economies.

 

Yes Capital builds on this foundation. Through carefully selected investments in tourism, agricultural, aged care, renewable energy, manufacturing and infrastructure, we focus on industries aligned with New Zealand’s growth priorities and global reputation for quality, sustainability, and innovation.

 

 

Our Kua Value philosophy drives our approach:

We see opportunity where others see low value, transforming underutilised resources, landscapes, and industries into globally competitive assets. Whether its wetlands becoming tourism destinations, aged care evolving into wellness estates, or New Zealand’s agricultural heritage underpinning high-value exports, our investments unlock potential others might overlook.

 

Our current portfolio reflects this:

    • YES Valley harnesses New Zealand’s exceptional natural landscapes to create a destination-led tourism precinct that drives innovation, employment, and regional economic growth. 

    • Te Hihi Estate addresses the needs of New Zealand’s ageing population by delivering high-quality retirement living and integrated aged care services.

    • GMP Pharmaceuticals and GMP Dairy leverage New Zealand’s clean, green reputation and advanced manufacturing capabilities to produce premium health and nutrition products for international markets.
    • Building on this foundation, the Fund will actively pursue further investment opportunities aligned with its mandate, focusing on the provision of loan facilities to businesses with strong growth prospects in key New Zealand sectors such as tourism, agriculture, and aged care, to deliver sustainable economic impact and long-term value for investors. 

Each project is selected to align with New Zealand’s strategic goals, including those outlined by INVEST NZ and within the Active Investor Plus (AIP) framework. They directly contribute to regional development, employment, infrastructure growth, and economic diversification, fully supporting the Government’s ambitions for sustainable growth and resilience.

 

Our investment approach is disciplined, transparent, and rooted in robust governance. While we make no unrealistic promises of extraordinary returns, we are unwavering in our commitment to responsible capital management, risk control, and protecting the interests of our investors. We help safeguard investor interests through prudent stewardship, rigorous governance, and long-term value alignment.

 

 

At Yes Capital, we welcome partnerships with like-minded investors who believe in sustainable, future-focused investment. Together, we can deliver projects that strengthen New Zealand’s economy, enhance its industries, and contribute to its long-term well-being.

 

Thank you for considering Yes Capital. We look forward to working alongside you in shaping New Zealand’s future success.

 

Yours sincerely,

Karl Ye

Founding Chairman

Yes Capital