About Us

NEW ZEALAND’S LEADING PRIVATE COMPANY INVESTOR

Established in 1994, Direct Capital has been at the forefront of developing New Zealand’s private equity industry.

Direct Capital is itself a private company, owned by its executives. We understand the issues that business owners think about when considering how to grow their business or facilitate a change of ownership. Investing in private companies is all we do and it's all we've done for over 25 years.

Our Style

The common perception of what’s become known collectively as private equity is that all investors have the same style and business model. But the reality is very different.

Some investors follow a “leverage model”, relying on debt to produce financial returns. This can be successful over short periods of the economic cycle but it doesn’t work forever. Some investors are “control” focussed but that only works if you’re also running the company.

Our returns come from investing in growth creating permanent value. We invest and become partners with owners and management running good companies and we act the same whether we are a 20% shareholder or an 80% shareholder.

Meet the Team

Featured

Paddy Carter (BCom, LLB Hons)

Investment Analyst

Paddy joined Direct Capital in 2023, following two years at PwC working in Corporate Finance advisory. He has experience in M&A, valuation, financial modelling and due diligence. Paddy's role includes assisting with the evaluation of investment opportunities, transaction execution, research and investee company support.

Rosalie Conroy (BBus, CA)

Head of Finance & ESG

Rosalie joined Direct Capital in January 2018. Rosalie is a Chartered Accountant with over 10 years experience in finance and accounting roles.

Hugh Cotterill (MBA, BCom)

Director

Hugh joined Direct Capital in August 2019 with the role of sourcing and executing new investment opportunities. Prior to Direct Capital, Hugh was a Partner at Cameron Partners investment bank, where he acted for international and domestic companies on M&A transactions. He has 25 years’ experience in the New Zealand financial markets – with previous roles at Bankers Trust and Deutsche Bank. Hugh has an MBA from Cambridge University and a BCom in Accounting and Finance from the University of Canterbury. Hugh is a Director of TR Group.

BEN CROSLAND (BPROP, BCOM HONS)

Investment Analyst

Ben joined Direct Capital in 2023. Prior to joining, Ben worked in Investment Banking at UBS where he gained experience in M&A and corporate advisory. At Direct Capital, Ben's responsibilities include evaluating investment opportunities, executing transactions, conducting research, and providing support to investee companies.

Andrew Frankham (BCom)

Director & CFO

Andrew joined Direct Capital in January 2010 after five years employed as Group Finance Manager for an Auckland private equity expansion investor. Andrew is responsible for all aspects of investment structuring, financial reporting, tax & compliance and investor relations. A past chair of New Zealand Private Capital, Andrew served on the Council for nine years.

Ross George (LLB)

Managing Director

Ross has been in the private equity industry since 1985. He established Direct Capital in 1994 following his return from Hong Kong where he had been a director and shareholder of the BKW Group, a Hong Kong based private equity firm. Ross has primary responsibility for developing and managing the firm's relationships and he currently holds directorships with Bayleys Real Estate, Qestral Corporation, Beca and Mondiale.

Freddy Greenslade (BCom, CFA)

Associate Director

Freddy joined Direct Capital in 2017, following over three years at PwC working across Corporate Finance and Corporate Treasury advisory. He has experience in M&A, valuation, financial modelling, business strategy, and financial markets. His principal roles at Direct Capital include assisting with investment opportunities, transaction execution, research and supporting investee companies.

Chris Hickey (BCom, CA, CFA, LLB)

Associate Director

Chris joined Direct Capital in 2017 and his role includes the assessment of investment opportunities, transaction execution and providing support to investee companies. Prior to joining Direct Capital, Chris was a Manager in Corporate Finance at Deloitte.

Mark Hutton (BCom)

Non-Executive Director

Mark is a member of the Investment Committee and a Director of the Manager. He is a founding operating partner of Direct Capital and holds more than 25 years’ experience in private equity.

Kirsty Keen (BCOM)

Finance Executive

Kirsty joined Direct Capital in November 2006 to assist with Direct Capital’s internal financial, organisational and compliance requirements. She previously worked in financial accounting roles for Merrill Lynch and Credit Suisse in London, and as a Financial Controller for a Trust Company in the Turks and Caicos Islands.

Heath Kerr (BMS, CA)

Director

Heath has 20 years’ experience in investment banking and private equity in New Zealand and Australia. Heath joined Direct Capital in late 2013 as the firm’s Australian representative. In 2017, Heath relocated back to Auckland. Heath is a member of Direct Capital’s investment committee. He is currently a director of Mondiale VGL and Caci Group, and was previously a director of Transaction Services Group, Hiway Group, Marvel Packers and Exact Radiology.

Gavin Lonergan (BBus, CA)

Director

Gavin has been with Direct Capital for over 25 years. A past chair of the New Zealand Private Capital Association, Gavin served on the Council for five years, including through its establishment phase. In addition to investment responsibilities, Gavin manages the firm's marketing and media communications. Gavin has represented Direct Capital on a number of boards. He is currently a director of Caci Group.

Alida Raubenheimer-Coetzer

Business Support Manager

Alida joined Direct Capital in 2022 as Business Support Manger and brings a high standard of support to the team. She is often the person you will speak with first when making contact with our office.

Madeline Rogers (BCOM, MFINC)

Investment Manager

Madeline joined Direct Capital in 2019. Her role includes assisting with the evaluation of investment opportunities, transaction execution, research and investee company support. Prior to Direct Capital, Madeline worked across a range of M&A, valuation, financial modelling and strategy engagements at Goldman Sachs, PwC and Deloitte.

Emma Spear (BCom, CA)

Associate Director

Emma joined Direct Capital in 2023, following over ten years in M&A roles at KPMG and Highstead Partners (in the UK). Her principal roles at Direct Capital include assisting with investment opportunities, transaction execution, research and supporting investee companies.

Chris Wills (BCom, LLB, CFA)

Investment Director

Chris joined Direct Capital in 2013. His roles include sourcing, evaluating and executing investment opportunities, and supporting existing portfolio companies. He is currently a director of AS Colour and an observer on the boards of TR Group and Qestral Corporation. Chris also serves as a Council Member of New Zealand Private Capital.

Jonathan Wong (BCom, LLB Hons)

Investment Director

Jonathan joined the firm in 2017, and his role is to source, evaluate and execute new investment opportunities. He is currently a director of POP Group and was previously a director of PF Olsen, Marvel Packers and Exact Radiology. Prior to joining Direct Capital, Jonathan spent six years in the London office of Global Infrastructure Partners, a global private equity firm specialising in infrastructure investments.