Waterman Capital
Waterman Capital is one of New Zealand’s most experienced private equity firms, investing across the lower to mid-market segment, partnering with domestic New Zealand businesses to accelerate growth, support management buyouts and deliver long-term value.
Founded in 2004 and based in Auckland, the firm has built a strong track record of working alongside leadership teams to scale operations, expand into new markets and strengthen business performance. Waterman has broad sector experience, with notable investments in healthcare, education, consumer and logistics.
Waterman Fund 5 is a 2024 vintage year fund with NZ$300 million of investor commitments. The fund aims to target investment into New Zealand’s lower to mid-market segment providing expansion and replacement capital, supporting management buyouts and partnering with leadership teams with the aim of driving sustainable growth in businesses central to New Zealand’s economy.
Portfolio Companies
At investment in 2025, ICL Education Group was a New Zealand education group operating multiple English language schools (such as Auckland English Academy, New Horizon College, Bridge International) and offering programmes in business, computing, early childhood education and English. The group is a member of English New Zealand, reflecting standards in quality for its language schools.
Waterman’s thesis is focused on scaling ICL by enhancing its academic offerings, expanding its footprint in domestic and international student markets, investing in student recruitment and improving institutional infrastructure and support systems.
ICL Education Group remains an active investment in Waterman Fund 5, positioned as a growing independent education provider in New Zealand with strong growth opportunity in English language and vocational sectors.
