New Zealand Private Capital Monitor 2026

2025 saw deal activity of $2,501m in combined investments and divestments across private equity and venture capital transactions. Activity remained weighted towards investment, which accounted for approximately 71% of total activity.

Total investment activity in 2025 was $1,777.1m, down from $2,769.1m in 2024, with a slight decrease in transaction volumes. There were 276 transactions in 2025, compared with 307 in 2024. The moderation in total investment value was largely driven by fewer large buy‑out transactions, while mid‑market activity remained strong.

PE investment excluding venture capital reached $1,090.1m in 2025, compared with $2,181.5m in 2024 and $1,501.2m in 2023.

Venture and early‑stage investment totalled $687.0m in 2025, representing another record year. This exceeded the previous high of $587.6m in 2024, reflecting continued strength in early‑stage funding.

Investment in IT/software and technology‑led companies remained a key feature of the market, continuing a trend seen over recent years.

The commitment to growing New Zealand’s businesses has been clear in responses to the Monitor, with focus areas for their investee companies seeing similarities with the prior year. These include focusing on increased headcount, increased marketing spend and the launch of new products, but with relative increases in CapEx spend and new market expansion also featuring.

Fund-raising activity in 2025 by New Zealand funds raised over $738m, which was a continuation of strong recent trends, adding to the $1,157m of capital raised in 2024.

New Zealand capital markets continued to show a low level of activity in 2025 with respect to new listings. The outlook for the next six months remains neutral as a result of current global macroeconomic factors, with levels of optimism increasing in future years.

Recent global geopolitical events were not reflected in survey responses. However, this activity will undoubtedly have an ongoing impact on financial market risk in the near to medium term, the extent to which is yet to be seen. Nevertheless, New Zealand and Australian private equity and venture capital funds have committed capital for investment in growth opportunities. NZ Private Capital promotes the growth story with targeted communications that feature business owners’ experience working with private equity and venture capital managers.imism from Monitor respondents, it is likely that 2025 will see an emerging new normal.