2026年澳大利亚和新西兰私人资本细分（英）2026

Contents Market overview4 Institutional Research Group A word from BNP Paribas6 Ansel TanDirector, APAC Private Capitalansel.tan@pitchbook.com Dealmaking8 Harrison WaldockSenior Data Analystpbinstitutionalresearch@pitchbook.comPublished on June 3, 2026 Exits18 Fundraising22 References24 Note: All currency values are expressed in USD,unless otherwise noted. BNP Paribas’ Securities Servicesbusiness supports your privatecapital investments. With our global reach, full suite ofsolutions, and staff expertise, we’reyour end-to-end asset servicing partneracross all strategies and asset classes.We invest in people, risk managementand technology, to power your growth. DISCOVEROUR SOLUTIONS Awards: World’s Best Bank for SecuritiesServices2024 – Euromoney Best Bank for Cross-Border Custody2025 –Asian Investor FOR THOSE WHO MOVE THE WORLD Market overview Private capital markets across Australia & New Zealand(ANZ) followed a path of recalibration and disciplineddeployment in 2025 as the two economies navigateddifferent macro trajectories. In Australia, GDP expanded 2.6% YoY in December 2025, itsstrongest annual pace since 2022, supported by broad-basedindustry growth and firmer private and public demand.1TheReserve Bank of Australia (RBA) eased its policy rate duringthe year, bringing it down to 3.6% by August. That easingproved short-lived as inflation reaccelerated later in the year,driven by stronger-than-expected domestic demand andsharply higher fuel prices, prompting the RBA to unwind its2025 cuts and return the cash rate to 4.35% in May 2026.2 New Zealand, by contrast, shifted further into an easingstance. In November 2025, the Reserve Bank of NewZealand lowered its official cash rate to 2.25% after a periodof softer activity, with output having contracted in threeof the previous five quarters. Inflation risks were viewedas balanced while economic activity showed early signsof stabilization.3 recent energy-price volatility have increased the appealof markets with policy clarity, currency convertibility, andexposure to strategic resources. This supports sponsorinterest in areas where ANZ has established depth, includingenergy infrastructure, logistics, agriculture and food systems,critical minerals, renewables, and real assets with defensiblecash-flow profiles. Second, the AI infrastructure cycle iscentering PE, VC, growth equity, and private infrastructurecapital around datacenters, power availability, coolingtechnology, and compute capacity. Several transactions in2025, such as Firmus Technologies’ $541.1 million round andthe GreenSquareDC acquisition (at a valuation of up to AUD1.2 billion), point to a theme that could become more durableover the medium term. Against this backdrop, ANZ private capital activity held firm.Aggregate PE and VC deal value reached $51.3 billion across1,066 transactions, compared with $58.4 billion across 1,082deals in 2024. The YoY decline in value reflects the outsizedcontribution of the 2024 AirTrunk transaction rather than abroader weakening of market depth. Excluding the AirTrunkdeal, 2025 PE deal value came in ahead of 2024. More importantly, the region’s structural advantages remainintact. In Australia, for example, the country’s superannuationsystem provides one of Asia-Pacific’s (APAC’s) deepestpools of long-duration domestic capital, while sustainednondomestic investor participation reinforces Australia’sposition as an accessible market for global sponsors.Infrastructure remains a central pillar of the regional story,with energy transition, grid investment, utilities, logistics,transport, and digital infrastructure continuing to attractdomestic and offshore capital. These themes are supportedby policy direction on decarbonization, energy security, andlong-term public infrastructure investment. Together, theyposition Australia as a differentiated market within APAC,combining institutional depth, regulatory transparency, andcross-border accessibility. Looking ahead, the recovery will likely remain quality-ledrather than market-wide. Renewed rate pressure inAustralia could keep underwriting for larger leveragedtransactions more disciplined, while fundraising will likelystay concentrated in established managers and scalablestrategies. Even so, the ANZ region’s structural tailwindsshould continue to support deployment, particularlyin midmarket buyouts; later-stage venture rounds; andinfrastructure-linked assets tied to energy security,supply-chain resilience, and compute capacity. This shouldkeep the region among APAC’s more resilient private capitalmarkets, even as macro conditions become more complex. In addition, two macroeconomic forces should continue tosupport ANZ’s relative standing. First, geopolitical tensions,global tariff uncertainty, supply-chain reconfiguration, and A WORD FROM BNP PARIBASGrowth, governance, and a maturing market Australia and New Zealand’s private capital markets are evolvingquickly, underpinned by large pools of institut