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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 $87.8M (across 18 rounds with reported amounts).
Portfolio
19
Fund Size
—
Top Stage
Series A
Last 12 Mo
0
Team
John White
Founding Partner
James Murphy
Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
24 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Zettablock | Series A | $18M | Sep 2025 |
 Eternal | Seed | — | Jan 2025 |
 Eternal | Seed | $13.3M | Jan 2025 |
 Pair Team | Series A | $9M | Oct 2023 |
 Sibionics | Series D | — | Dec 2022 |
 Juno Medical | Series A | $12M | Dec 2022 |
 OK Capsule | Seed | $9.5M | Mar 2022 |
| Juno Medical | Series A | $12M | Jan 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 |
| OOura Health | Series E | $875M | Jan 2021 |
| CCircle Internet Services, Inc. | Series F | $100M | Jan 2021 |
| PPocket Outdoor Media | Series A | $16.5M | Dec 2020 |
| PPowerDot | Unknown | — | Jan 2019 |
| CircleCI | Series D | $56M | Jan 2019 |
| CCircle Internet Services, Inc. | Series D | $56M | Jan 2019 |
 Cofertility | Series A | $7.3M | — |
 Tokaido Health | Unknown | $25M | — |
 Enviropacific | Unknown | — | — |
 Trial Library | Series A | $10M | — |
 Connext | Series C | — | — |
Top Co-Investors
Gaingels4 shared
JAZZ Venture Partners4 shared
Top Tier Capital Partners4 shared
Scale Venture Partners4 shared
Baseline Ventures4 shared
Threshold Ventures4 shared
Index Ventures3 shared
Tech Square Ventures3 shared
Forerunner Ventures3 shared
Lifeline Ventures3 shared
Elysian Park Ventures3 shared
Owl Rock3 shared
Lux Capital2 shared
BDT & MSD Partners2 shared
Metaplanet2 shared
TCG2 shared
humbition2 shared
Serena2 shared
Context Ventures2 shared
Last updated: 20 October 2026