 PEP first purchased Manuka in 2015 and made key changes including expanding the company’s operations and leading an industry reform to standardise honey grades, allowing better transparency on quality and reducing counterfeiting.This work gained industry recognition in 2018 for quality management and responsible investing.Other recent investment exits include the sale of Allied Pinnacle to Japan’s Nisshin Foods in February 2019 and the exit of NZ private education provider ACG in late 2018.