Mid-market and Venture activity strong in 2025
The year to 31 December 2025 was characterised by a total level of overall activity of NZ$2,501m, a decrease from the $3,765m of activity seen in 2024. The decrease was driven by top-end PE activity in 2025 (3 transactions totalling $541m) compared to 2024 (3 transactions totalling $1,662m).
Mid-market investment activity in 2025 continued to perform well and totalled $549m, an increase compared to the $519m achieved in 2024, with the number of transactions increasing significantly from 27 in 2024 to 50 in 2025. Divestment activity in 2025 was $284m, a significant decrease from the $682m recorded in 2024.
Meanwhile, 2025 was another strong year in the venture space, with record total investment activity of $687m, as compared to $588m seen in 2024. This is another 10-year high with a historical 10-year average of $318m.
Overall buy-out activity in 2025 showed the same level of market activity in terms of transaction volumes with average transaction size back to more “normal” levels. Transactions included Waterman Capital’s investment in CMAX Clinical Trials Pty Ltd, Mercury Capital’s investment in Forsyth Barr and TA Associates’ Management LLP’s investment in Craigs Investment Partners.
The New Zealand Private Capital Monitor is produced by EY Parthenon. It highlights strong mid-market and venture capital investment in New Zealand businesses in 2025.
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