Private Equity Funds in New Zealand
Compare wholesale private equity funds — growth equity, buyout and mid-market PE — side by side by manager, structure and Active Investor Plus (AIP) eligibility. New to the asset class? Start with what private equity is, or see how it compares with venture capital.
What is private equity?
Private equity is investment in established, privately held companies — usually profitable, later-stage businesses — in exchange for equity. In New Zealand, wholesale PE funds pool investor capital to take significant or controlling stakes in mid-market companies, aiming to grow or improve them before an eventual sale. It sits alongside venture capital (earlier-stage) and private credit (lending) in the private-markets landscape.
Compare New Zealand Private Equity Funds (11)
Listed alphabetically — Wholesale Investor does not sell placement in this comparison. Target returns and terms are set out (with the manager’s caveats) on each fund’s page.
| Fund | Manager | Structure | AIP | Access |
|---|---|---|---|---|
| Active Long Term Growth Fund | ForthCo | Evergreen | AIP · growth | Wholesale only |
| Castlerock Partners Fund | Castlerock Partners | Evergreen | AIP · growth | Wholesale only |
| DE Capital Fund | DE Capital | Evergreen | AIP · growth | Wholesale only |
| Greenmount Co-Investment Fund No.1 LP | Greenmount Capital | Closed-ended | AIP · growth | Wholesale only |
| Henton Fund 2 | Henton Capital | Closed-ended | AIP · growth | Wholesale only |
| Kākāpō Responsible Investment Fund | Bancorp | Closed-ended | AIP · growth | Wholesale only |
| NetEquity Opportunities Fund LP | NetFunds | Closed-ended | AIP · growth | Wholesale only |
| PG High Conviction Fund | PG Investments | Evergreen | — | Wholesale only |
| PG Strategic Growth Fund | PG Investments | Evergreen | — | Wholesale only |
| Pioneer Capital Diversified Fund | Pioneer Capital | Closed-ended | AIP · growth | Wholesale only |
| Pioneer Capital Private Equity V | Pioneer Capital | Closed-ended | AIP · growth | Wholesale only |
“AIP” indicates the manager has told Wholesale Investor the fund is eligible for the Active Investor Plus visa — confirm against the official NZTE approved funds list.
Private Equity Fund Managers
Active Long Term Growth Fund
ForthCo
Open-ended private equity fund managed by ForthCo Limited, backing proven profitable NZ businesses ($10-100M EV) with quarterly distributions and redemptions. Target return 12% p.a. $100,000 minimum. AIP Growth Category pre-approved (NZTE-listed as "ForthCo Limited" 2025-08-27).
Castlerock Partners Fund
Castlerock Partners
Evergreen private equity fund managed by Bancorp. Invests in NZ businesses with long-term prospects and enterprise values typically over $5M. Distribution-focused: targets 8% p.a. annual return on fund value plus long-term capital growth. $100,000 minimum (Bancorp discusses individual circumstances). Wholesale investors only.
DE Capital Fund
DE Capital
Senior secured loans plus warrants to mid-market NZ businesses with equity upside
Greenmount Co-Investment Fund No.1 LP
Greenmount Capital
Access to private equity deals alongside top-tier Australasian PE sponsors
Henton Fund 2
Henton Capital
Selective mid-market credit fund — lends to established NZ companies via experienced credit team. NZ$100,000 minimum, target return 9-12% p.a. over 2-4yr term. Primarily for clients of Henton Capital (network); not currently seeking external investors. AIP Growth pre-approved.
Kākāpō Responsible Investment Fund
Bancorp
AIP-focused mature private equity with responsible environmental and social impact
NetEquity Opportunities Fund LP
NetFunds
Private equity fund providing multiple access points to NZ private equity via a blend of fund-of-fund and high-conviction direct investment into SME companies. NZ$100,000 minimum (FMCA wholesale). Manager: NetFunds. AIP Growth Category (NZTE 2025-11-10).
PG High Conviction Fund
PG Investments
Concentrated equity portfolio focused on high conviction investment opportunities with active stock selection.
PG Strategic Growth Fund
PG Investments
International exposure fund focused on strategic growth opportunities across global markets.
Pioneer Capital Diversified Fund
Pioneer Capital
Diversified private equity fund by Pioneer Capital, a NZ$1.3B-raised wholesale PE manager investing across NZ growth businesses since 2005. Sister to Pioneer Capital Private Equity V + Private Debt 2. AIP Growth Category pre-approved (NZTE-listed 2025-12-24).
Pioneer Capital Private Equity V
Pioneer Capital
20-year strategy investing in high-margin NZ businesses expanding globally
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Private Equity Funds — FAQs
What is private equity?
Private equity (PE) is investment in established, privately held companies — usually profitable, later-stage businesses — in exchange for equity, with the aim of growing or improving them before an eventual sale. In New Zealand, wholesale PE funds pool investor capital to take significant or controlling stakes in mid-market companies. It is long-term and illiquid, and is not a bank deposit.
How is private equity different from venture capital?
Venture capital backs young, often pre-profit companies and expects most of its return from a few big winners. Private equity typically buys into established, cash-generative businesses — sometimes using debt — and aims to improve them. VC is earlier-stage and higher-variance; PE is later-stage and more focused on operational value creation. Some funds sit in between as “growth equity”.
Are New Zealand private equity funds only for wholesale investors?
Most PE funds listed here are open to wholesale (eligible) investors only, under the exclusions in Schedule 1 of the Financial Markets Conduct Act 2013. You generally need to meet a wholesale-investor test — for example an investment or income threshold, or certification — before you can invest.
Can private equity funds count towards the Active Investor Plus (AIP) visa?
Some New Zealand private equity and growth funds are structured to qualify as an acceptable managed fund for the Active Investor Plus visa Growth category. Funds flagged “AIP eligible” on this page have indicated that status; always confirm current eligibility against the official NZTE Acceptable Managed Funds list before relying on it.
How risky and illiquid is private equity?
Private equity is high-risk and illiquid: capital is typically committed for a fund’s multi-year term, you usually cannot withdraw early, individual investments can lose value, and returns depend on successful exits. Returns are targets, not guarantees, and your capital is at risk. Read each fund’s Information Memorandum and consider financial advice before investing.
Important information
This page is a general information directory, not financial advice or a recommendation of any fund. Private equity investments put your capital at risk, are generally available to wholesale investors only, and are not bank deposits or government guaranteed. Returns shown on fund pages are targets set by the manager, not guarantees. Read each fund’s Information Memorandum and consider seeking advice from a licensed financial adviser before investing.