Adamantem Capital Fund II
Adamantem Capital is an Australian based private equity firm investing across Australia and New Zealand, with a focus on identifying transformative growth opportunities through deep operational partnership.
Adamantem Capital seeks to partner with management teams to accelerate growth, enhance operations and deliver long-term value creation through control buyouts. Founded in 2016, Adamantem has established itself as a mid-market investor, with a focus on sectors including consumer, healthcare, business services and industrials.
Adamantem Capital Fund II is a 2020 vintage buyout fund with $795 million in investor commitments, targeting control investments in established, market-leading mid-market businesses of enterprise values of $50–200 million range across Australia and New Zealand.
Portfolio Companies
At investment in January 2020, Climate Friendly was Australia’s leading consultancy in land-based carbon offset programs, supporting over 120 registered carbon projects and delivering more than 14 million carbon credits to landholders under the Carbon Farming Initiative.
The thesis was to scale the platform by expanding partnerships with landholders, broadening project coverage and positioning the business for international growth as demand for carbon credits accelerated.
In May 2022, Adamantem partially sold Climate Friendly to Mitsui & Co for a media reported $100 million. Climate Friendly remains a market leader in carbon farming, targeting delivery of 100 Mt of abatement by 2025.
At investment in April 2022, NAK Hair was Australia’s third-largest professional haircare brand, producing Australian-made, vegan, paraben- and sulphate-free products in sustainable packaging and distributed through more than 3,000 salons, select retailers and online channels.
The thesis is focused on accelerating sales growth, expanding distribution and pursuing bolt-on acquisitions to broaden product range and market share.
NAK Hair remains an active investment in Adamantem Capital Fund II, positioned for continued growth in both the professional and retail haircare markets.
At investment in August 2022, Advara Heartcare was Australia’s only national provider of cardiology and sleep services, operating more than 100 private practices with over 100 cardiologists and respiratory physicians supported by 700 staff, serving 200,000 patients annually.
The thesis is centred on expanding Advara’s national footprint, investing in technology and diagnostics and partnering with clinicians to improve patient outcomes.
Advara Heartcare remains an active investment in Adamantem Capital Fund II, positioned as the leading platform in specialist cardiovascular and respiratory care.
At investment in March 2023, Retail Zoo was a multi-brand food retail group with more than 750 stores across Australia and overseas, operating Boost Juice, Betty’s Burgers, Salsas Fresh Mex and CIBO Espresso. Boost was Australia’s largest smoothie brand, while Betty’s Burgers had become the fastest-growing casual dining chain nationally.
The thesis is to grow the portfolio through prime site expansion, strengthening brand positioning and selective M&A to drive scale.
Retail Zoo remains an active investment in Adamantem Capital Fund II, positioned as a resilient consumer food platform with scalable growth opportunities.
At investment in August 2024, QANTM IP was a leading provider of intellectual property legal services across Australia, New Zealand and Southeast Asia, operating under brands including Davies Collison Cave, FPA Patent Attorneys, Sortify.tm and DCC Advanz Malaysia. The business served around 5,000 clients across diverse industries.
The thesis is to build on QANTM’s established reputation by supporting growth in IP creation, protection and commercialisation while strengthening its regional footprint.
Following Adamantem’s investment, QANTM IP was delisted from the ASX following the transaction and remains a top-tier provider in Australia’s mature IP services market.
At investment in December 2024, Mason Stevens was a specialist wealth management and investment services platform founded in 2010, serving financial advisers, wealth practices and high-net-worth individuals with tailored investment solutions.
The thesis is focused on scaling the platform in Australia’s growing financial advice market, enhancing product breadth and deepening penetration in the high-net-worth segment.
Mason Stevens remains an active investment in Adamantem Capital Fund II, following its acquisition and is positioned as a differentiated wealth management platform with scalable growth potential in the high-net-worth advice segment.
At investment in August 2025, Nexon Asia Pacific was a leading managed IT services provider offering cloud, network, cybersecurity and digital solutions to more than 1,000 clients, with strong retention in regulated sectors such as healthcare and government.
The thesis is to accelerate organic growth through cross-selling and digital transformation, deliver margin improvement and pursue bolt-on acquisitions to expand capabilities.
Nexon remains an active investment in Adamantem Capital Fund II and is positioned as a scalable platform in Australia’s IT services market.
