Private capital is changing how businesses grow, how projects are funded and how investors access opportunities. Whether you are raising a fund, making an investment, managing portfolio assets or planning an exit, the legal and commercial issues are often complex, time-sensitive and cross-disciplinary. Clients need advice that brings together corporate, regulatory, financing and tax considerations to support confident decision-making.
Private equity remains a core strength of our practice. We have a long history of advising many of New Zealand's leading private equity funds, as well as international investors, on acquisitions, disposals, growth investments, management buy-outs and portfolio company matters. We also regularly advise founders, shareholders and businesses on transactions involving private equity and growth capital investors, giving us perspective from both sides of the table.
We advise on fund formation and structuring, capital raising, acquisitions and disposals, joint ventures, co-investment arrangements, governance, financing, regulatory compliance and portfolio management. We support clients investing into, and exiting from, infrastructure, energy, technology, healthcare, property, forestry and other growth sectors. Our experience also includes private credit fund structures and alternative investment vehicles.
We also have significant experience in infrastructure and real assets. Our experience includes infrastructure investment vehicles, PPP and PPP-like assets, renewable energy investments, transport assets and major infrastructure transactions. This gives clients access to advisers who understand not only transaction execution, but also the regulatory, operational and long-term investment considerations that drive value.
Our private capital practice brings together lawyers from corporate, financial services, funds, tax, banking, infrastructure, property and regulatory teams, enabling us to provide integrated private capital legal advice across New Zealand's investment market.
Our expertise includes:
- Mergers, acquisitions and disposals for PE, venture capital, private credit and alternative fund managers
- Day to day portfolio company advisory and governance support
- Fund formation, fund structuring, governance and manager arrangements (including co-investment and carried interest structures)
- Fundraising and investor negotiation
- Infrastructure and real assets funds
- Private credit, private debt funds and alternative investment structures
- Limited partnership funds and other investor arrangements
- Joint ventures and strategic investment platforms
- Overseas investment and regulatory approvals
- Banking, financing and capital structuring
They formed an extremely collaborative commercially minded team that delivered an outstanding outcome. Forthright, sanguine and delivering clear advice, saw the team making an invaluable contribution to the transaction.
Philippa Weston, Investment Director, Pencarrow Private Equity
Recent highlights
Supporting cross-border private equity investment and exit
Advised Advent Partners, one of Australia’s longest-standing private equity firms, on its New Zealand investments in Flintfox International Limited and Integrated Control Technology Limited, and on the sale of its majority stake in Flintfox to US-based Enable. Our work supported cross-border private equity investment into New Zealand growth businesses and a successful private equity exit following significant revenue growth and earlier acquisition activity. The Flintfox transaction involved same-day signing and completion, complex minority shareholder arrangements and cross-border coordination.
Advising on private equity exit from technology services
Acted for Waterman Private Capital and other shareholders on the sale of Fusion5 Group Holdings Limited, a full-service business applications and IT services provider, to Australian private equity firm BGH Capital. The transaction involved the exit of a New Zealand private equity investor from a trans-Tasman technology services business with more than 900 customers, operations across New Zealand and Australia, and expertise spanning digital transformation, cloud, managed services, business applications and consulting.
Acting on private equity investment in digital payments
Advised Five V Capital on the acquisition of 100% of the shares in OrbitRemit Limited, a New Zealand-founded digital payments business providing international money transfer services. The transaction supported Five V Capital’s investment in a growth-focused fintech business with an Australia and New Zealand presence, global growth ambitions and a scalable digital platform.
Supporting a private equity exit in New Zealand healthcare services
Acted for Livingbridge on its successful exit from Habit Health, a leading New Zealand provider of integrated rehabilitation and mental health services, through the sale of the business to Five V Capital. The transaction involved a significant private equity exit from New Zealand’s healthcare services sector and a growth business with a national presence, expanded service offering and strong acquisition-led growth.
Guiding private equity through acquisition and exit
Advised Next Capital on its acquisition of NZ Bus from Infratil and its subsequent sale to Kinetic. The transactions involved complex regulatory approvals, including Overseas Investment Office and Commerce Commission processes, and demonstrate experience supporting private equity investors through acquisition, ownership and exit.
Establishing private equity and private credit funds
Advising on the establishment of private equity funds, including funds for Pioneer Capital (5 funds, including a new private debt fund), Milford (2 funds), Continuity Capital (3 funds with a fund-of-funds, secondaries, model), Craigs, Origin Capital (kiwifruit industry), and The Professionals Club.
Supporting venture capital funds for high-growth companies
Advised leading venture capital fund managers including Icehouse Ventures, Pacific Channel, Outset Ventures and GD1 on the establishment of investment funds supporting high-growth New Zealand businesses. This included fund formation, governance, regulatory requirements and investor arrangements.
Establishing private equity funds for investment managers
Worked with Milford Asset Management on the creation of Milford Private Equity Funds II and III, including fund formation, structuring and associated investment arrangements. This advice supported one of New Zealand's leading investment managers in expanding its private capital offering.
Structuring blended finance for Pacific renewable energy
Acted for UK-based fund manager Camco on the launch of the TIDES blended finance fund, designed to unlock public and private capital for renewable energy projects across the Pacific. The work included fund structuring, funding arrangements and regulatory advice.
Establishing an infrastructure investment platform
Acted for Accident Compensation Corporation and Mafic Partners on the formation of Zealandia Fund, an investment vehicle designed to provide institutional investors with access to PPP and PPP-like infrastructure assets. Our role covered fund formation, regulatory support, governance design and the creation of a bespoke platform for long-term capital deployment into New Zealand infrastructure.
Supporting institutional investment in digital infrastructure
Supported the Future Fund Board of Guardians on the New Zealand aspects of its acquisition of an additional stake in CDC, Australasia's largest data centre operator, including Overseas Investment Office approval. The transaction involved a significant cross-border institutional investment into critical digital infrastructure.
Advising on investment in a major PPP asset
Represented InfraRed Infrastructure on the sale of its interest in the Wellington Gateway Partnership, the PPP vehicle responsible for the Transmission Gully motorway project. The transaction involved complex infrastructure investment interests and extensive project documentation associated with one of New Zealand's largest transport assets.
