Street Talk

Local HNWs, instos in Next Capital’s Fund V, final close at $375m

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 10, 2023 – 2.27pm

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Mid-market private equity firm Next Capital has locked in $375 million for its latest fund, which saw domestic investors account for more than half of commitments and a final close ruled off last week.

Sources said the fund-raising – led by founding partners John White and Patrick Elliott, who together with Sandy Lockhart spun Next out from Macquarie Bank in 2005 – punched through the initial $350 million target and attracted half a dozen new investors.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.