Australia's Five V raises $398m for Fund IV
Five V Capital, a growth-oriented investor in Australia and New Zealand, has achieved a first and final close on its fourth fund with more than A$550 million ($398 million) in commitments.
The firm, which now has over A$1.1 billion in total assets under management, said it continued to be supported by a network of global high net worth individuals, founders, and family offices. Fund III closed in 2019 on A$250 million.
Five V was established in 2016 by Adrian McKenzie, previously Australia head at CVC Capital Partners. His fellow partner is Srdjan Dangubic, formerly a director with CVC in Australia and Hong Kong.
“In terms of mandate, you can expect more of the same from the growing team at Five V. We are industry agnostic and opportunity led, seeking to invest in Australia and New Zealand’s highest quality founders, managers and businesses in the middle-market, while committing a significant portion of our own personal capital,” Five V said in a statement.
The firm’s portfolio spans private equity, typically partnership deals with equity checks of A$30-100 million, and venture capital, mostly Series A and B rounds for businesses that have established a product-market fit.
On the private equity side, Five V has turned Probe CX – acquired in 2018 – into a business process outsourcing platform through several bolt-ons across Australia and Southeast Asia. Quadrant Private Equity came in as an investor last year and Five V agreed a full exit last month, with KKR taking majority control.
Other full exits include apparel retailer Universal Store, which listed in Australia, B2B healthcare platform Unified Hospital Group (UHG), and human resources software provider Ascender. UHG and Ascender were both trade sale exits to US-based strategics.
The firm has completed a partial exit from Education Perfect, an online education business bought in 2017. KKR’s global impact fund took a majority stake earlier this year at a valuation of $320 million.
The Five V venture capital portfolio features proposal tool Qwilr, wealth administration business Grow, software-as-a-service platform Cascade, and beer keg rental company Konvoy. The firm has previously invested in local unicorns such as Canva and SiteMinder.
Gilbert + Tobin served as fund formation counsel for Fund IV.
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.