What Silverfin Capital does

Silverfin Capital Limited is a New Zealand licensed property syndication and asset management company headquartered in Auckland. Founded in 2016 by Cheryl Macaulay and now led by CEO Miles Brown (formerly of Kiwi Property Group), the firm enables multiple investors to pool funds and acquire proportional ownership in specific commercial, industrial, retail, agricultural, and carbon forest properties, with a minimum unit size of NZ$50,000. As of late 2024 the business has completed 25 syndication schemes and manages over NZ$570–620 million of real estate across New Zealand, with tenants including Inghams Group, Farmers, and The Warehouse on long-term triple-net leases. The platform also runs an investor portal at investors.silverfin.nz and a secondary market for unit trading via the Syndex platform.

Silverfin earns revenue from three streams: annual management fees (4–8% of gross rental income for third-party assets, and gross-asset-value-based for own schemes), set-up fees on new schemes, and exit/performance fees triggered only when scheme returns exceed a pre-set threshold. Distribution is direct to investors through investor evenings, an NZ-based sales team, and an exclusive channel partnership with Colliers International's syndications team; debt funding is arranged through BNZ at 40–50% loan-to-value. A complementary third-party property asset management service manages commercial real estate for non-syndicate owners.

Customer segments are threefold: retail individual investors (primary), wholesale/eligible investors meeting NZ financial thresholds, and third-party property owners seeking asset management. The firm is regulated by the Financial Markets Authority under the Financial Markets Conduct Act and registered with Financial Dispute Resolution Services. Growth has been driven by scheme launches (notably Inghams Portfolio at NZ$86 million in 2019 and the NZ$29.3 million Inghams Hatchery Scheme in October 2023), management takeovers from Maat Consulting (Cameron Road in October 2024 and Tauranga in 2025), and selective sector expansion into carbon forestry and childcare.

Name

Silverfin Capital

Legal name

Silverfin Capital Limited

Website

https://silverfin.nz

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Silverfin Capital is a New Zealand licensed property syndication firm that pools investor capital for proportional ownership of commercial, industrial, retail, agricultural, and carbon forest properties across New Zealand, with a minimum NZ$50,000 investment per unit and over NZ$570M under management.

Ownership category

akta.pro rank

Product category

Property Syndication

NAICS

Other Financial Vehicles (525990), Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)

akta.pro secondary industry

Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Property syndication
• Commercial real estate
• Managed investment schemes
• Asset management services
• Real estate investment

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Annual Management Fees: Silverfin charges an annual management fee that reflects the property's gross asset value. For third-party property management services, fees range from 4%-8% of gross rental income depending on asset size.
2. Acquisition/Setup Fees: Outside initial set-up fees charged when a new syndication scheme is established.
3. Exit/Performance Fees: Silverfin earns an exit fee only if the average annual return on termination of a scheme exceeds a pre-set threshold. This fee structure aligns company profits with investor returns.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Silverfin Capital operates property syndication services that enable multiple investors to pool funds for proportional ownership of specific commercial, industrial, retail, agricultural, forestry, and office properties across New Zealand, with minimum investments of $50,000 per unit. The company also provides third-party property asset management services covering tenant relationships, lease administration, maintenance, compliance, and financial reporting. An investor portal and secondary market platform support investor onboarding, reporting, and unit trading for scheme liquidity.

Product overview

Silverfin Capital operates a unified property syndication and management platform. The core offering consists of property syndication services enabling investors to acquire proportionate ownership in commercial, industrial, retail, agricultural, and specialty properties with minimum $50,000 investments. Supporting this are an Investor Portal providing reporting and management tools, and a Secondary Market for liquidity. The portfolio includes named scheme sub-brands across industrial properties (Hobill Avenue Scheme, 704 Halswell Junction Road), retail (88 Saint Hill Street, 67 Courtenay Street), agriculture (Inghams Portfolio Scheme, Inghams Hatchery Scheme), carbon forests (Gowan Lea, Kakanui, Hillersden), and office properties. Property Asset Management services complement the offering by managing third-party properties alongside Silverfin's own portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Syndication Services Core offering enabling multiple investors to pool funds for proportional ownership of specific commercial, industrial, retail, agricultural, forestry, and office properties across New Zealand. Each investor owns a share and receives income distributions and capital gains relative to their investment, with typical minimum investment of $50,000 per unit. Target investors are retail and wholesale individuals seeking commercial property exposure without direct management responsibilities.
• Property Asset Management Professional property management services for commercial real estate covering tenant relationships, lease administration, maintenance oversight, compliance, and financial reporting. Silverfin manages over $620 million of commercial real estate for third-party owners across industrial, retail, office, forestry, agricultural, and childcare sectors. Fees range from 4% to 8% of gross rental income depending on asset size.
• Investor Portal Digital platform providing investors with onboarding experience, investor reporting, scheme communications, and integrated secondary market access for managing their syndication investments. Accessible at investors.silverfin.nz.
• Secondary Market Platform enabling investors to buy and sell syndication units in existing Silverfin schemes prior to scheme termination, providing liquidity options. Integrates with the Syndex platform so units can also be listed and bid on by Syndex users for broader reach.
• Inghams Portfolio Scheme Agricultural property investment scheme consisting of six Waikato properties leased to Inghams Enterprises (NZ) Pty Limited on 25-year triple net leases. Originally $86 million portfolio increased to $100 million value. Provides 8.25% per annum pre-tax distribution paid consistently over five years.
• Inghams Hatchery Scheme Agricultural property investment scheme worth $29.3 million consisting of two North Waikato properties with a state-of-the-art hatchery facility and poultry sheds. 20-year triple net leases to Inghams delivering 7.5% per annum pre-tax distribution payable monthly. Two properties at 115 and 142 Brown Road, Tuakau, and 87 Andrews Road, Onewhero, with 44.6 hectares total land area.
• Hobill Avenue Scheme First completed Silverfin syndication scheme. 15,000m2 warehouse in Wiri, Auckland purchased for $22.34 million and syndicated among investors. Sold in February 2022 for $42.1 million, an 88% increase, delivering 22% per annum return over the six-year hold period.
• 704 Halswell Junction Road Scheme Industrial property syndication comprising a design-built industrial facility at 704 Halswell Junction Road, Christchurch. Structured as a wholesale scheme with 201 investment parcels at $50,000 each, targeting 7.75% pre-tax distribution. Fully subscribed.
• 88 Saint Hill Street Scheme Retail property syndication comprising a two-level department store at 88 Saint Hill Street, Whanganui, leased to Farmers Trading Company on a 25-year lease. Wholesale scheme, fully subscribed.
• Lunns Road Scheme Industrial property syndication comprising an industrial facility on Lunns Road, with a 9% initial return targeting pre-tax distribution to investors.

Quantifiable outcome

• Hobill Avenue scheme delivered 22% per annum return over six years compared to 7.4% NZX annual return over parallel five-year period. Property purchased for $22.34 million, sold for $42.1 million (88% increase).
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Partnerships

Four partnerships are on record, tiered core.

• Trustee Executors Limited (TEL)coreOthersSilverfin proactively engages with Supervisor Trustee Executors Limited to ensure they act in the best interests of investors and meet obligations under the Financial Markets Conduct Act. TEL provides independent oversight of the managed investment schemes.
• SyndexcoreTechnology or IntegrationSyndex provides the secondary market platform for trading syndication units. Units in existing Silverfin schemes can be listed and bid on by Syndex users, providing liquidity for investors wishing to exit before scheme termination.
• Colliers InternationalcoreChannel Partner/ Reseller/ DistributorExclusive appointment by Colliers' Syndications team to market units in schemes. Charlie Oscroft and Kris Ongley market Silverfin schemes. Worked together on multiple proportionate ownership schemes including 704 Halswell Junction Rd, Hall's Portfolio, and Inghams Portfolio.
• Inghams Group Limited (ASX:ING)coreStrategic or Co-development PartnerAustralasia's largest poultry producer and key tenant across Silverfin's existing property portfolio. Silverfin has partnered with Inghams on multiple schemes including original $86m portfolio in 2019, $20m additional poultry farm in 2022, and $29.3m Inghams Hatchery Scheme in 2023. Inghams is a wholly owned subsidiary of ASX-listed Inghams Group Limited.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Kiwi Property Group (NZX:KPG): NZX-listed NZ commercial property owner and operator; larger, diversified incumbent with a portfolio of retail and office assets — Silverfin's CEO Miles Brown spent 14 years there, and it represents the listed-property analogue to Silverfin's private syndication offerings.
• Bayleys Real Estate: Full-service NZ commercial real estate brokerage and advisory firm running property investment offerings alongside brokerage, valuations, and management — directly comparable on the asset-management side and adjacent on the syndication side.
• Harcourts Commercial New Zealand: NZ-wide commercial real estate agency with brokerage and investment sales arms; relevant peer for the property advisory side of Silverfin and occasionally sources syndication-grade assets for similar investor pools.

Direct peers

• Mint Investment Management (formerly Augusta Funds Management): New Zealand's largest direct competitor in commercial real estate managed investment schemes, offering pooled property funds and syndicates to retail and wholesale investors under FMA licensing — directly comparable to Silverfin's proportionate ownership scheme model.
• Fundrise: US direct-investing platform pooling retail capital into commercial and residential real estate with managed eREITs and individual offerings — comparable business model to Silverfin's pooled property ownership schemes, with a much larger scale.
• RealtyMogul: US online commercial real estate investment platform offering both managed funds and individual syndicated deals to retail and accredited investors — comparable to Silverfin's dual retail/wholesale scheme structure.
• Syndex: NZ secondary-market platform for trading real estate syndication units, fully integrated with Silverfin's investor portal; operates a competing marketplace model for scheme unit liquidity and onboards rival NZ syndicators.
• CrowdStreet: US online marketplace for commercial real estate syndication and direct investment offerings, with sponsor-vetted deals and a secondary-market exchange — functionally analogous to Silverfin's scheme + Syndex model for international comparison.
• Colliers International New Zealand: NZ commercial real estate services firm that both runs syndications and provides property management; Silverfin's appointed channel partner through Colliers Syndications team (Charlie Oscroft, Kris Ongley), making it both an ally and the closest competitor at larger scheme scale.

Regional players

• Generate Investment Management: NZ-based managed investment scheme operator focused on KiwiSaver and managed funds rather than property syndications; comparable as a competitor for NZ retail investor capital and a fellow FMA-regulated MIS manager.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/silverfincapital

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Silverfin Capital