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Next Capital is one of Australasia's oldest independent private equity firms, specialising in providing buy-out funding for small to medium growth businesses. Founded in 2005 by former Macquarie Bank private equity principals, the firm is based in Sydney and typically invests in businesses with an enterprise value of A$50 million to A$200 million.
Average disclosed round size is $47.9M (across 10 rounds with reported amounts).
Portfolio
13
Fund Size
—
Top Stage
Series C
Last 12 Mo
0
Team
John White
Founding Partner
James Murphy
Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
14 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Eternal | Seed | — | Jan 2025 |
 Pair Team | Series A | $9M | Oct 2023 |
 Juno Medical | Series A | $12M | Dec 2022 |
| OOK Capsule | Seed | $9.5M | Mar 2022 |
 Clarifai | Series C | $60M | Oct 2021 |
 CircleCI | Series F | $100M | May 2021 |
 Oura | Series C | $100M | May 2021 |
| OOura Health | Series C | $100M | May 2021 |
| PPocket Outdoor Media | Series B | — | Feb 2021 |
| PPowerDot | Unknown | — | Jan 2019 |
| CircleCI | Series D | $56M | Jan 2019 |
 Cofertility | Series A | $7.3M | — |
 Tokaido Health | Unknown | $25M | — |
 Enviropacific | Unknown | — | — |
Top Co-Investors
Gaingels3 shared
Index Ventures3 shared
JAZZ Venture Partners3 shared
Tech Square Ventures2 shared
Forerunner Ventures2 shared
BDT & MSD Partners2 shared
Metaplanet2 shared
Lifeline Ventures2 shared
TCG2 shared
Elysian Park Ventures2 shared
Context Ventures2 shared
Top Tier Capital Partners2 shared
Scale Venture Partners2 shared
Baseline Ventures2 shared
Threshold Ventures2 shared
SineWave Ventures1 shared
Union Square Ventures1 shared
New Enterprise Associates1 shared
Last updated: 9 September 2026