Next Capital II
Next Capital II is managed by Sydney based Next Capital Management Pty Ltd.
Next Capital Management (www.nextcapital.com.au) was established in 2005 by Sandy Lockhart, Patrick Elliott and John White, who were former principals of Macquarie Bank's private equity arm, Macquarie Direct Investment Limited (MDI).
MDI raised and invested four private equity funds with the founders of Next Capital delivering top quartile returns across the MDI investments in which they were involved.
Having completed 39 investments and 24 exits across more than 20 years of investing the executive team at Next Capital represent one of the most commercially experienced managers in the Australian market.
Examples of the executive team's previous investments while at MDI include;
- JB Hi-Fi, acquired by MDI in July 2000 for $42 million and subsequently listed on the ASX in October 2003 at an enterprise value of $175 million delivering an internal rate of return (IRR) on the investment of 88% p.a. and 6.5 times equity capital invested.
- InvoCare, acquired by MDI in May 2001 and subsequently listed on the ASX in December 2003, raising $172 million, delivered an IRR of 48% p.a. and 2.8 times equity capital invested.
Next Capital II, with a total fund size of $285m, is focussed on investing into small to mid-market expansion and buyout opportunities of profitable, Australian & New Zealand businesses, with enterprise value of between $50 million and $250 million at investment.