Anchorage Capital Partners Fund IV
Anchorage Capital Partners is an Australian private equity firm established in 2007 by Phillip Cave. The firm specialises in control investments in established businesses across Australia and New Zealand that have strong brands or market positions but are not realising their full potential due to factors such as capital constraints, limited management focus or being a non-core division of a larger corporate.
Anchorage applies a hands-on investment approach, combining capital, operational expertise and disciplined change management and works in close partnership with management teams to unlock value and deliver sustainable growth.
Anchorage Capital Partners Fund IV is a 2023 vintage fund with A$505 million in investor commitments. The fund targets complex corporate carve-outs, non-core subsidiaries and companies constrained by capital or management bandwidth, where Anchorage can apply its operational expertise, active ownership and change management disciplines in partnership with management teams to unlock transformation and sustainable growth.
Portfolio Companies
At investment in September 2022, Evolve NZ was New Zealand’s second-largest early childhood education provider, operating a national portfolio of approximately 105 centres. The business has been adversely impacted by COVID-related closures, teacher shortages and declining occupancy, with performance challenges compounded by a historic focus on Australian operations.
Anchorage’s thesis aims at executing a turnaround strategy drawing on its experience with Affinity Education Group. The approach is centred on upgrading centre quality, curriculum, systems, lifting occupancy rates and improving staff retention through structured career development programs.
Evolve NZ remains an active investment, positioned as a turnaround opportunity in a fragmented, government-supported sector with strong demographic tailwinds.
At investment in December 2022, David Jones was Australia’s leading luxury department store chain, acquired from Woolworths Holdings Limited. Despite its premium brand, the business faced headwinds including high interest rates, cost-of-living pressures and intensifying online competition.
Anchorage’s thesis focused on stabilising operations, unlocking value through strategic partnerships and reinvesting in store infrastructure. Key initiatives included a loyalty alliance with Qantas Frequent Flyer and a focus on major store refurbishments designed to elevate the in-store customer experience, showcase premium brands and reinforce David Jones’ positioning as Australia’s leading luxury retailer.
David Jones remains an active investment, positioned for recovery and long-term value creation as a revitalised luxury retail brand.
At investment in February 2024, ELF Group was a New Zealand-based provider of two complementary businesses: Spiers Finance, a high-growth asset finance leasing platform and AB Equipment, a nationwide equipment distribution, leasing and servicing business. Together, these offered critical infrastructure to the industrial and logistics sectors.
Anchorage’s thesis focuses on consolidating ELF’s market leadership, enhancing operational efficiency and expanding the leasing portfolio to capture growth in asset-backed finance and industrial services.
ELF Group remains an active investment, positioned as a strategic national platform in finance and equipment services with significant scalability.
At investment in early 2024, Access Community Health was one of New Zealand’s leading providers of home and community-based healthcare, delivering essential services under government contracts to elderly and disabled clients nationwide.
Anchorage’s thesis is aimed at enhancing service delivery through digital transformation, strengthening workforce management and expand into adjacent community care segments. The strategy alignes with Anchorage’s focus on resilient, government-supported platforms in essential services.
Access Community Health remains an active investment, positioned as a cornerstone provider in New Zealand’s healthcare ecosystem, supported by strong demographic and policy-driven demand.
