Pencarrow Private Equity
Pencarrow Private Equity is New Zealand's longest-established private equity manager, founded in 1993. It raises capital from NZ investors to take active equity positions in mid-sized NZ businesses with $20–150M enterprise values, managing a current $300M fund.
- Company typePrivate
- Founded1993
- HeadquartersWellington, New Zealand
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Pencarrow Private Equity does
Pencarrow Private Equity is New Zealand's longest-established private equity manager, founded in 1993 and headquartered at Level 8, 33 Federal Street, Auckland. The firm raises capital from high net worth individuals, family offices, iwi, community trusts and institutions, and deploys it through direct investments in established mid-sized New Zealand companies with enterprise values between $20 million and $150 million, writing equity cheques of $15–60 million per deal. Since founding it has raised seven funds and invested over $600 million of equity capital across more than 30 portfolio companies, with Funds I–IV having returned investor capital ahead of target return hurdles. The current $300 million Pencarrow VI Fund (2022 vintage) is the largest in the firm's history and is actively investing.
The firm operates a thematic, sector-agnostic investment approach and actively partners with management teams, taking both minority and majority positions. Its portfolio spans healthcare (Tend, Skin Institute, Pacific Clinical Research Network), agricultural and veterinary products (Shoof International, Alleva Animal Health, NZ Frost Fans), consumer brands (Icebreaker, Essano, The Collective, BrewGroup, Pet Direct), financial services (Avanti Finance, MMC), software and data (Seequent, RedShield, Netlogix) and specialty retail/living (The Interiors Group, BeGroup). The investment team of approximately 10–15 professionals — led by Managing Partners Rod Gethen (30+ years' experience, ex-Deloitte/PwC) and Jonathan Goldstone (ex-Morgan Stanley/UBS) — combines backgrounds from global investment banking, Big Four corporate finance, and senior operating roles. Pencarrow is a signatory of the UN-supported Principles for Responsible Investment (PRI) and emphasizes transparency, active management, and operational excellence over excessive leverage.
Pencarrow generates revenue through traditional private equity fund management economics — annual management fees on committed/invested fund capital plus performance carry on successful exits. GTM is sales-led and relationship-driven: capital is raised directly from NZ LPs through the firm's own channels, and deals are sourced through confidential direct discussions with business owners and management teams rather than auction processes, reflecting the firm's positioning as a long-term partner of choice in the NZ mid-market.
Pencarrow Private Equity firmographics
Firmographics- Name
- Pencarrow Private Equity
- Legal name
- Pencarrow Private Equity
- Website
- https://pencarrowpe.co.nz
- Company type
- Private
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Pencarrow Private Equity is New Zealand's longest-established private equity manager, founded in 1993. It raises capital from NZ investors to take active equity positions in mid-sized NZ businesses with $20–150M enterprise values, managing a current $300M fund.
- Ownership category
- akta.pro rank
Pencarrow Private Equity industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Private Capital Introducers (PE/VC/Private Credit) (FSAEAMAE)
Keywords
Where Pencarrow Private Equity is headquartered
LocationHeadquarters
- HQ city
- Wellington
- HQ country
- New Zealand
- HQ region
- Oceania
Offices1 record
Markets served
Pencarrow Private Equity business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Private Equity Fund Management: Pencarrow generates returns through managing private equity funds. They raise capital from investors and deploy it in mid-sized New Zealand businesses, generating returns through active investment management and eventual exits. They have raised seven funds over their history.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Fund investment - Pencarrow VI Fund targeting $300 million |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Pencarrow Private Equity product offering
Product offeringCore offering
Pencarrow is a New Zealand private equity fund manager that raises capital from investors including high net worth individuals, family offices, iwi, community trusts, and institutions. It deploys this capital as active equity investments in established mid-sized New Zealand businesses with enterprise values between NZ$20 million and NZ$150 million, deploying a minimum of NZ$15 million and up to NZ$60 million of equity capital per transaction.
Product overview
Pencarrow Private Equity is a private equity firm, not a technology product company. The firm manages multiple private equity funds (Pencarrow Funds I-VI, Pencarrow Bridge Fund) and invests in established New Zealand businesses across various sectors including healthcare, technology, consumer products, and financial services. The firm does not offer a unified software product but rather provides investment capital, partnership, and active management support to portfolio companies. The portfolio companies operate independently with their own distinct products and services.
Differentiator
Problem solved
Functional benefit
Products and services
- Pencarrow VI Fund A NZ$300 million private equity fund actively investing in established New Zealand businesses with enterprise values of NZ$20-150 million, deploying NZ$15-60 million of equity capital per transaction. Available for capital commitments from qualifying investors.
- Pencarrow Fund V Private equity fund with a 2018 vintage, closed to new investments. Part of Pencarrow's series of pooled investment vehicles for qualifying investors.
- Pencarrow Bridge Fund Private equity fund with a 2016 vintage, closed to new investments. Part of Pencarrow's series of pooled investment vehicles for qualifying investors.
- Active Investment Partnership Active partnership engagement with established New Zealand companies and their founders/management teams, providing growth capital, acquisition financing, succession planning, and operational support alongside equity investment. Targeted at companies with NZ$20-150 million enterprise value.
Quantifiable outcome
- Successfully returned investor capital ahead of target return hurdles for Funds I, II, III, and IV
Companies that use Pencarrow Private Equity
Customer profileSegments2 records
Ideal customer profiles2 records
Pencarrow Private Equity technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Pencarrow Private Equity partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Principles for Responsible Investment (PRI)corePencarrow is a proud signatory of the Principles for Responsible Investment, a UN-supported network. They believe integrating environmental, social, and governance factors into their investment process provides strategic advantage and helps build better-performing companies.
Scale indicators7 records
Recent moves6 records
Expansion highlights4 records
Pencarrow Private Equity competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key highlights7 records
Customer concentration
Pencarrow Private Equity social profiles
Digital presencePencarrow Private Equity financial estimates
Financial estimateRevenue estimate
Valuation estimate
Pencarrow Private Equity leadership team
Management profileNumber of profiles
Profiles9 records
Pencarrow Private Equity funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Pencarrow Private Equity M&A and investment
M&A and investmentM&A5 records
Investments11 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Pencarrow Private Equity
What does Pencarrow Private Equity do?
Pencarrow is a New Zealand private equity fund manager that raises capital from investors including high net worth individuals, family offices, iwi, community trusts, and institutions. It deploys this capital as active equity investments in established mid-sized New Zealand businesses with enterprise values between NZ$20 million and NZ$150 million, deploying a minimum of NZ$15 million and up to NZ$60 million of equity capital per transaction.
Is Pencarrow Private Equity a public or private company?
Pencarrow Private Equity is a private company. It is classified as management employee owned and is currently operating.
When was Pencarrow Private Equity founded?
Pencarrow Private Equity was founded in 1993. It employs 11 to 50 people.
Where is Pencarrow Private Equity based?
Pencarrow Private Equity is headquartered in Wellington, New Zealand, in the Oceania region.
How does Pencarrow Private Equity make money?
One revenue line is on record: private Equity Fund Management.
Does Pencarrow Private Equity have an API?
No public API is recorded for Pencarrow Private Equity.
What industry is Pencarrow Private Equity in?
Pencarrow Private Equity's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSAEAMAE, Private Capital Introducers (PE/VC/Private Credit). Its NAICS code is 5259 and its SIC code is 6282.