Wellington, Aug 19 NZPA - The AMP Private Capital NZ Fund wants investors to vote on a two-year extension to give it time to sell its remaining assets.

The private equity fund, which is managed by AMP Capital and raised $56 million from investors in 1999 and 2001, had been due to wind up in March next year, The New Zealand Herald reported today.

In a letter to investors, director Nick Dobson said the fund had to make significant write-downs on investments in ACE rental cars and Pacific Horizon campervan rentals.

The total estimated value per share declined 38 percent during the year, he said.

AMP had reviewed the timing of the sale of its remaining assets and believed the life of the fund should be extended by up to two years to enable the stakes to be sold with a greater degree of flexibility.

So far the fund has returned $10m to investors and a further $9m is due to be paid out in October.

Investors are expected to find out more about the extension at the fund's annual general meeting on August 31.