Next Capital
Next Capital is an independently owned Australian private equity firm focused on the mid-market, established in 2005 by former Macquarie Bank executives Patrick Elliott, Sandy Lockhart and John White. The firm targets control investments in businesses with enterprise values typically between A$50 million and A$200 million, where it can partner with management teams to accelerate growth, execute operational improvements and deliver strategic transformations.
The firm’s investment philosophy emphasises building long-term value through hands-on engagement, governance support and growth capital, with a strong history of repositioning companies for growth in Australia and New Zealand, as well as driving bolt-on acquisitions and sector consolidation.
Next Capital Fund V is a 2022 vintage fund with $374 million in investor commitments. The fund targets lower to mid-market growth and buyout opportunities in profitable businesses across Australia and New Zealand, generally with enterprise values between $50 million and $200 million. Next Capital applies an active ownership model, partnering closely with management teams to deliver operational improvement, strategic growth initiatives and disciplined change programs to unlock long-term value creation.
Portfolio Companies
At investment, Country Care was a leading provider of mobility and rehabilitation equipment and services, supplying hospitals, aged care providers and the National Disability Insurance Scheme (NDIS). The company operates a strong distribution footprint across regional and metropolitan Australia.
Next Capital’s thesis is focused on the growth of the disability and aged care sectors, underpinned by demographic tailwinds and government support through the NDIS. Strategic initiatives include expanding Country Care’s retail and distribution channels, enhancing its product range and supporting operational improvements to meet growing national demand.
Country Care remains an active investment, positioned as a key supplier of rehabilitation and mobility equipment in the expanding disability and aged care markets.
At investment, Alloggio was a holiday property management and accommodation business with a portfolio of short-term rental properties and budget hotels concentrated in key Australian tourist destinations. The company also provides a technology-enabled platform for managing short-term rental bookings.
Next Capital’s thesis is centred on the rebound of domestic tourism post-COVID, supported by structural growth in short-term rentals and budget accommodation. Strategic initiatives include expanding Alloggio’s portfolio of managed properties, improving operational efficiency and investing in digital platforms to scale nationally.
Alloggio remains an active investment, positioned to capture continued demand growth in Australia’s short-stay accommodation market.
At investment, GlobeWest was a designer and wholesaler of premium furniture and homewares, supplying interior designers, architects and boutique retailers across Australia. The company was recognised for its contemporary designs and strong trade relationships.
Next Capital’s thesis is focused on the resilient demand for premium home furnishings, supported by long-term lifestyle trends and consumer spending on interiors. Strategic priorities include scaling GlobeWest’s product range, expanding its sales channels and building its presence in both domestic and international markets.
GlobeWest remains an active investment, positioned as a premium brand in Australia’s growing homewares and furniture sector.
At investment, Scentia was a private education provider delivering accredited courses in management, business and professional training, primarily through the Australian Institute of Management (AIM) and other education brands. The company has strong recognition in the vocational education and training sector.
Next Capital’s thesis is centred on the opportunity to consolidate and grow in Australia’s education sector by leveraging AIM’s established brand, expanding digital delivery capabilities and enhancing course offerings to meet professional and corporate training needs.
Scentia remains an active investment, positioned as a leading private education provider with strong brand recognition and opportunities for growth in professional training.
At investment, Zenith Payments was a specialist payments business providing prepaid cards, online payment solutions and corporate expense management services. Its products served clients across government, education and commercial sectors.
Next Capital’s thesis is focused on accelerating growth in digital payments and financial technology, with a particular emphasis on expanding Zenith’s prepaid and expense management products. Strategic initiatives include product innovation, scaling technology infrastructure and expanding partnerships to capture share in a growing market.
Zenith Payments remains an active investment in Fund V, positioned as a fast-growing payments solutions provider in Australia’s evolving fintech landscape.
