That was a small discount to the $20.30 price the shares were trading at when the NZX closed for the Easter holiday, however Matrix first bought into Xero at $6 a share acquiring 11.5 million shares in late 2012, later topping up its stake with an additional 715,000 shares at $20 each. Matrix still holds 11.8 million shares, giving them an 8.5 per cent stake. Palo Alto, California-based TCV has invested more than US$9 billion across 200+ companies, including Airbnb, Facebook, Expedia, Netflix and Spotify. 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.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11840286