Private Capital Group

What Private Capital Group does

Private Capital Group is a New Zealand-based corporate private credit fund manager established in 2019 by Paul Carman and John Ferrara, both formerly of Mizuho Bank UK. The firm originates senior secured loans to New Zealand middle-market businesses with transaction sizes ranging from $5M to $75M and manages private debt funds on behalf of institutional and wholesale investors. Its origination model is relationship-driven and direct, leveraging the founders' two decades of corporate banking experience to source, underwrite, and monitor loans outside the vertically integrated NZ bank channel.

PCG operates two investment vehicles: the PCG Diversified New Zealand Private Debt Fund (NZPDF), structured as a Portfolio Investment Entity (PIE) with a $250,000 minimum investment, and the PCG New Zealand Economic Resilience Fund (NZER) with a $500,000 minimum. The firm targets investor returns of OCR plus 4%, and as of the most recent reporting manages over $700M in AUM across approximately 25 borrowers, supported by an 11-person team across offices in Auckland and Queenstown.

The business model is asset-gathering. PCG earns a 0.75% per annum management fee on AUM, supplemented by front-end establishment fees on new originations and net interest spread retained on certain fund structures. The firm has built an independent board (Mel Hewitson as Chair, Michael O'Byrne as Director) and holds NZTE Acceptable Managed Fund status, which provides a residency pathway for offshore investors and broadens the addressable capital pool. Lending-side customers are NZ mid-market corporates; investor-side customers include KiwiSaver schemes (notably Aurora KiwiSaver via a May 2024 partnership) and other institutional and wholesale capital.

Name

Private Capital Group

Legal name

Private Capital Group

Website

https://privatecapitalgroup.co.nz

Company type

Private

Founded year

2019

Operating status

Operating

Short description

Private Capital Group is a New Zealand corporate private credit fund manager that originates senior secured loans to NZ middle-market businesses ($5-75M) and manages private debt funds for institutional and wholesale investors, with over $700M AUM across approximately 25 borrowers.

Ownership category

akta.pro rank

Product category

Private Debt Fund Management

NAICS

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

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Senior Secured Direct Lending (FSANADAA)

Keywords

• Corporate private credit
• Private debt lending
• Investment fund management
• Senior secured lending
• Alternative credit funds

Headquarters

HQ city

Queenstown

HQ country

New Zealand

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Debt Lending Interest and Fees: Revenue generated from interest payments on loans ranging from $5-75M, along with front-end fees and ongoing interest payments from borrowers. The fund targets net return of OCR + 4% through a portfolio of 100% floating-rate assets.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Private Capital Group is a corporate private credit fund manager that originates, structures, and negotiates senior secured loans of $5M to $75M to New Zealand middle-market businesses, capitalizing these loans through two PIE-structured investment funds (NZPDF and NZER) targeting a net return of OCR + 4%. The company operates as lead/sole lender on 100% floating-rate assets that provide inflation protection, with monthly income distributions to wholesale and institutional investors.

Product overview

Private Capital Group operates as a corporate private debt specialist offering two named investment funds (PCG Diversified New Zealand Private Debt Fund and PCG New Zealand Economic Resilience Fund) alongside bespoke corporate lending solutions. The funds are structured as PIE entities for tax efficiency and target OCR + 4% returns through 100% floating-rate senior secured loans to NZ middle-market borrowers. Lending products range from $5-75 million and cover growth expansion, strategic acquisitions, shareholder liquidity, and operational flexibility.

Differentiator

Problem solved

Functional benefit

Brands

• PCG Diversified New Zealand Private Debt Fund (NZPDF): PIE-structured fund targeting OCR + 4% net return with monthly income distributions, $250,000 minimum investment, managed by Public Trust as trustee and EY as auditor.
• PCG New Zealand Economic Resilience Fund (NZER)

Products and services

• PCG Diversified New Zealand Private Debt Fund (NZPDF) A PIE-structured private debt fund offering NZD-denominated senior secured lending to NZ middle-market businesses, targeting OCR + 4% net returns with monthly income distributions. Minimum investment of $250,000. Trustee: Public Trust. Auditor: EY. PFIC Reporting Compliant for US investors.
• PCG New Zealand Economic Resilience Fund (NZER) A private debt fund providing institutional-quality secured lending opportunities in New Zealand dollars, part of PCG's dual-fund platform. Minimum investment of $500,000.
• Corporate Private Debt Lending Bespoke capital solutions for NZ businesses including growth financing, strategic acquisitions, shareholder liquidity, and operational flexibility, with lending ranging from $5-75 million. PCG operates as lead or sole lender, originating, structuring, and negotiating 100% of loans with senior secured (first lien) positions and capital preservation focus.

Quantifiable outcome

• Assets under management grew from $5M at inception to $700M+
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Resimac: AU/NZ non-bank lender (now part of Pepper Money) originating residential and commercial mortgage assets in Australia and New Zealand. Directly comparable to PCG as a non-bank, NZ-relevant private credit-style lender funding assets that traditional banks underserve.

Broad incumbents

• Muzinich & Co: Global specialty credit manager focused exclusively on private credit and leveraged finance. Comparable to PCG as a pure-play private credit specialist serving institutional investors with senior-secured, floating-rate exposure, though globally diversified.
• Ares Management — Credit Group: Ares is a leading global credit and private credit manager with large direct lending and asset-based finance businesses. Directly comparable in private credit underwriting capability, though at far greater scale and with multiple vehicles and strategies.
• Heartland Group: NZX-listed NZ non-bank financial services group providing lending products to NZ businesses and consumers. Comparable to PCG as an alternative-to-bank lender in NZ, though broader in scope (reverse mortgages, asset finance, livestock finance) and listed rather than private credit-fund focused.
• Bain Capital Credit: Bain Capital's credit arm is a global private credit manager with deep direct lending, mezzanine, and special situations capabilities. Comparable to PCG in mid-market direct lending, though operating globally with significantly larger AUM.
• Blackstone Credit: Blackstone's credit franchise is one of the largest private credit platforms globally, with direct lending, asset-based finance, and multi-strategy products. Comparable to PCG as a senior-secured direct lender serving middle-market borrowers, but at vastly greater scale.
• Partners Group — Private Credit: Partners Group is a global private markets manager with a meaningful private credit franchise including direct lending and asset-based finance. Comparable to PCG in mid-market direct lending focus and institutional LP distribution, though diversified across asset classes and geographies.
• KKR Private Credit: Global private credit franchise of KKR with deep mid-market direct lending capabilities across Australia and globally. Comparable as a senior-secured direct lender serving middle-market borrowers, but vastly larger in scale and increasingly active in Australasia.
• Apollo Global Management — Credit: Apollo's credit franchise is one of the world's largest private credit platforms, with extensive direct lending and asset-backed finance strategies. Comparable to PCG as a senior direct lender, though operating globally with materially deeper capital pools and product breadth.

Regional players

• Pemberton Asset Management: European direct lending and private credit specialist managing senior-secured loans to mid-market borrowers. Comparable to PCG in its focus on mid-market direct lending, though its geographic footprint is Europe rather than NZ/Australasia.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/private-capital-group-nz

Compliance3 records

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

Investments1 record

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

Frequently asked questions about Private Capital Group