Australia's Next Capital closes Fund V on $251m

Domestic investors accounted for more than half of the capital, including “half a dozen” new LPs, according to a social media post by the firm.

Longstanding backer Vantage Asset Management also contributed, providing AUD 20m via its fifth private equity fund-of-funds. Further commitments came from Roc Partners, superannuation fund CBUS, and MLC Wealth, The Australian Financial Review reported.

Fund IV closed on AUD 275m in 2019, short of the AUD 350m target, according to a disclosure from Vantage, which provided AUD 10m. That fund reportedly generated a more than 30% IRR. Fund III closed on AUD 256m in 2016.

Next was spun out of Macquarie Bank in 2005 by founding partners John White and Patrick Elliot alongside Sandy Lockhart, a partner. The firm typically targets buyouts of companies with valuations of AUD 50m to AUD 200m across Australia and New Zealand.

Recent activity includes an agreement to acquire Australia-listed holiday accommodation manager Alloggio Group for a valuation of AUD 48.2m. This will be the second Fund V investment; the first was aged care provider Country Care. Next invested AUD 76.5m in the company last December, according to AVCJ Research.

Recent middle market buyout fundraising in the region includes Crescent Capital Partners closing its seventh Australia-New Zealand fund in April with AUD 1bn in commitments. Two months earlier, New Zealand’s Pencarrow Private Equity closed its sixth fund at the hard cap of NZD 300m (USD 187m).

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• Topics
• Australasia
• Fundraising
• Buyout
• GPs
• Australia
• Next Capital
• ROC Partners
• Cbus
• Vantage Asset Management