What Altered Capital does

Altered Capital is a New Zealand-based venture capital and private equity firm headquartered in Auckland (Grey Lynn) that manages $350M+ in committed capital across five or more fund vintages, with $180M+ already deployed into 20+ portfolio companies. The firm operates three core fund strategies: a New Zealand-biased venture capital fund, an international co-investment fund, and a New Zealand-biased private equity fund, giving it flexibility across growth stages and geographies.

The firm's portfolio spans New Zealand, the United States, the United Kingdom and the European Union, and Australia, with investments concentrated in technology-enabled sectors including maritime intelligence (Starboard Maritime Intelligence), regulatory technology (OneReg), consumer products (ABE'S Bagels), and AI-adjacent companies (Ideally, Emerge, Contented). The team of approximately 11 members includes operators with direct scaling experience from Crimson Education (grown from 40 to 700 employees across 4 to 25 countries) and Starling Bank, providing operator-investor differentiation.

Revenue is generated through the traditional fund management model of management fees on committed capital (typically 1.5-2% annually) plus carried interest on successful exits. The firm co-invests alongside established syndicates including Shearwater, OIF Ventures, King River, and Co:Act, enabling participation in larger rounds than solo deployment would allow. Notable portfolio liquidity events include the acquisition of ABE'S Bagels by Associated British Foods.

Name

Altered Capital

Legal name

Altered Capital

Website

https://alteredcapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Altered Capital is a New Zealand-based venture capital and private equity firm managing $350M+ in committed capital across 5+ funds, deploying $180M+ into 20+ portfolio companies spanning New Zealand, the USA, UK, EU, and Australia through NZ-biased and international co-investment strategies.

Ownership category

akta.pro rank

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Fund management and capital deployment: Manages a diversified set of venture capital, private equity, and international co-investment funds. Revenue derives from management fees on committed capital and carried interest/performance fees on fund outcomes. Has raised 5+ funds with $350M+ committed and $180M+ deployed.
2. Investment exits and capital gains: Returns generated from portfolio company exits, acquisitions, and IPOs across venture and private equity holdings, including realised exits (e.g., Abe's Bagels acquired by Associated British Foods) and at least one portfolio IPO.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Altered Capital is a New Zealand-based private investment firm that manages venture capital, private equity, and international co-investment funds, deploying capital into early-stage and growth-stage companies. The firm backs founders with proven products, sales, and unit economics, taking majority or minority stakes at seed, early, and growth stages, and pairs capital with operational venture support, strategic guidance, board representation, and global introductions.

Product overview

Altered Capital operates a single integrated investment platform composed of three distinct fund vehicles — the Venture Capital Fund (New Zealand-biased), International Co-Investment Fund, and Private Equity Fund (New Zealand-biased) — alongside an investor-facing portal that gives Limited Partners visibility into their commitments. Together, the three funds comprise $350M+ in committed capital and $180M+ in deployed capital across 20+ portfolio investments, with the firm additionally providing operational venture support, strategic guidance, and global introductions to portfolio companies regardless of which fund holds the position.

Differentiator

Problem solved

Functional benefit

Products and services

• Venture Capital Fund A diversified portfolio of venture capital investments with a New Zealand bias, backing innovation-led growth across seed, early, and growth stages. Altered Capital takes majority and minority stakes, leads or follows funding rounds, and provides operational venture support, strategic guidance, and global introductions to portfolio companies.
• International Co-Investment Fund Unique high-growth international investments sourced through Altered Capital's global connections, providing access to opportunities beyond the New Zealand market and enabling portfolio diversification into venture-stage companies worldwide, with co-investment alongside international VC and PE partners.
• Private Equity Fund A diversified portfolio of private equity investments with a New Zealand bias, focused on established companies, consolidation plays with a point-of-difference, and old-economy businesses ready for transition. Altered Capital partners with founders and management teams on flexible transaction structures.
• Investor Portal A secure online portal (investors.alteredcapital.com) that allows Limited Partners and investors to access fund information, statements, and capital account details for the firm's venture capital, international co-investment, and private equity funds.

Quantifiable outcome

• $350M+ in committed capital raised across funds.
• +2 more outcomes

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Marmont Capitaloperating partnerStrategic or Co-development PartnerMarmont Capital (Tony and Matt) partnered with Altered Capital as co-investors and operating partners in ABE'S Bagels, providing domain expertise and execution capability for the next growth phase alongside Altered Capital's strategic and capital support.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Pioneer Capital: Pioneer Capital is a New Zealand private equity firm investing in established mid-market businesses. It is a direct peer to Altered Capital's Private Equity Fund given the shared NZ PE mandate, mid-market focus, and partnership-oriented investment approach.
• Movac: Movac is a New Zealand-focused early-stage venture capital firm backing deep tech and ambitious founders. It is a direct peer to Altered Capital given the shared NZ venture capital mandate, similar stage focus, and overlapping portfolio themes (founders, growth, NZ).
• K1W1: K1W1 is one of New Zealand's largest venture capital firms, founded by Sir Stephen Tindall. It is a direct peer to Altered Capital given the shared NZ venture capital mandate, and is also a documented co-investment partner in Altered Capital's Contented seed round.
• Icehouse Ventures: Icehouse Ventures is a New Zealand early-stage venture capital firm supporting Kiwi founders from seed to Series A. It is a direct peer to Altered Capital given the shared NZ venture capital mandate, overlapping stages, and recurring co-investment relationship documented in Altered Capital's deal history.
• Direct Capital: Direct Capital is a New Zealand private equity firm focused on management buyouts, growth capital, and succession transactions. It is a direct peer to Altered Capital's Private Equity Fund given the shared NZ private equity mandate, flexible transaction structures, and partnership orientation.
• Waterman Capital: Waterman Capital is a New Zealand private equity and venture capital firm with a diversified strategy across growth and established businesses. It is a direct peer to Altered Capital given the multi-strategy NZ fund mandate and shared focus on backing ambitious teams.

Regional players

• OIF Ventures: OIF Ventures is an Australian venture capital firm backing ambitious Australian and New Zealand founders. It is a regional peer to Altered Capital given the cross-Tasman focus, and is a documented co-investment partner in Altered Capital's Starboard Maritime Intelligence Series A.
• Pacific Road Private Equity: Pacific Road is a trans-Tasman private equity firm investing in mid-market opportunities in New Zealand and Australia. It is a regional peer to Altered Capital given the shared Australasian PE/VC footprint and focus on ambitious, growth-oriented businesses.

Broad incumbents

• Blackbird Ventures: Blackbird is one of Australia's largest venture capital firms, with growing activity in New Zealand. It is a broad incumbent peer to Altered Capital given the shared early- and growth-stage venture focus across Australasia, though at significantly larger fund scale.
• AirTree Ventures: AirTree is a leading Australian venture capital firm investing across a broad range of stages and sectors. It is a broad incumbent peer to Altered Capital given the shared venture capital model targeting high-growth technology-enabled businesses across Australasia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/altered-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Altered Capital