Australia's Five V opens New Zealand office
Australia’s Five V Capital, which is active across growth, buyouts, and venture, has launched a New Zealand office and confirmed three hires for the country team.
Murrah Schnuriger, a partner at PwC New Zealand from 1994 to April 2023 (pictured centre), will be the country head, bringing more than 20 years of experience in M&A advisory.
His investment team includes Harriet Lambert, formerly of PwC and Morgan Stanley Infrastructure Partners (pictured left), as well as Simon Kriechbaum, formerly of local PE firm Waterman Capital and UK-based Palamon Capital (pictured right).
They will focus on deal origination, execution, and portfolio management across the market, working closely with the broader Five V team in Australia.
“We believe a combination of on-the-ground support for management teams whilst leveraging the expertise and incredible network of the broader Five V Capital team is truly a unique proposition,” Schnuriger said in a statement. “Committing to the permanent team and office in NZ demonstrates a firm commitment by Five V to the NZ opportunity and the broader community.”
Sydney-based Five V invests across stages and sectors in Australasia with a view to helping businesses scale beyond the region through flexible capital and strategic support including technology enablement. The firm is led by founder Adrian MacKenzie, who helped establish the CVC Capital Partners business in Asia Pacific. He opened the firm's Australian office.
Private equity investments are typically sized in a range of AUD 30m-AUD 100m (USD 19.6m-USD 65.2m). Venture capital deals are generally AUD 1m-AUD 10m, although can be amplified as high as AUD 20m. In VC, B2B software is a favoured sector.
Standout activity in New Zealand includes the acquisition of a controlling stake in employee management software provider Totara in 2020 and a partial exit from learning platform Education Perfect in 2021. Totara has 16m users in 87 countries. Education Perfect has 1.2m students in more than 50 countries and has received investment from KKR’s global impact fund.
Five V closed its fourth flagship private equity fund on AUD 550m in 2021, which brought assets under management to more than AUD 1bn. Fund III closed in 2019 on AUD 250m. A second vintage under the venture strategy was launched last year with a target of AUD 100m.
New Zealand’s low global profile contributes to its appeal as a PE market. Geographic isolation prohibits international players from approaching businesses as they graduate to the growth-stage sweet spot targeted by local GPs.
Industry participants also note that the relatively undersized market capitalisation of the New Zealand Stock Exchange betrays a prevailing preference for private economic activity.
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