Pencarrow Bridge Fund
Pencarrow Private Equity is New Zealand’s longest-established private equity manager, investing across the mid-market in New Zealand. The firm partners with business owners and management teams to deliver strategic growth, support operational improvement and unlock long-term value.
Founded in 1993, Pencarrow has invested over NZ$300 million across 31 companies, building a strong track record of expanding leading New Zealand businesses. Pencarrow has broad sector experience, with particular expertise in financial services, technology-enabled services, consumer, and food & beverage and often targets companies with regional growth opportunities and international potential.
The Pencarrow Bridge Fund is a 2015 vintage fund with NZ$80 million in investor commitments, established to targete a concentrated portfolio of two to four high-quality lower to mid-market businesses in New Zealand.
Portfolio Companies
At investment in 2017, Netlogix was a fast-growing, technology-enabled freight logistics company connecting freight demand with a network of independent carriers. Its platform delivered cost and route optimisation through advanced third-party software integrations, underpinned by expertise in codifying the logistics rules unique to each supply chain.
Pencarrow’s thesis was to support Netlogix’s technology-driven business model and position it as a regional leader in intelligent freight solutions.
Under Pencarrow’s ownership, Netlogix has scaled its operations, deepened customer and carrier integrations and reinforced its market position as a disruptive logistics platform across Australasia.
At investment in 2018, The Collective was a premium yoghurt brand known for its commitment to fresh, natural ingredients and innovative product development. Founded in 2010, it had rapidly gained market share in New Zealand before expanding into the UK through a joint venture with Yeo Valley.
Pencarrow’s thesis was to support the company’s growth by funding the acquisition of full ownership of its UK joint venture and enabling further expansion into Australia and Europe.
Pencarrow divested its holding in The Collective in two tranches, first in 2024 with the sale of the New Zealand operations to MADE Group, an Australian food and beverage company, and then in 2025 with the sale of the UK arm and brand rights to Yeo Valley Production Ltd.
