2026年澳大利亚和新西兰私人资本细分（英）2026

Contents Market overview Institutional Research Group A word from BNP Paribas Ansel TanDirector, APAC Private Capitalansel.tan@pitchbook.com Dealmaking Harrison WaldockSenior Data Analystpbinstitutionalresearch@pitchbook.com Exits Fundraising References Note: All currency values are expressed in USD,unless otherwise noted. BNP Paribas’ Securities Servicesbusiness supports your private With our global reach, full suite ofsolutions, and staff expertise, we’reyour end-to-end asset servicing partneracross all strategies and asset classes. 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 navigated 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 easing 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 period 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 defensible 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 outsized 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. 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 tailwinds In addition, two macroeconomic forces should continue tosupport ANZ’s relative standing. First, geopolitical tensions, 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 institutional capital, growingcross‑border investment, and a more demanding regulatoryenvironment. As institutional investors become more active inaccessing private markets, the region is evolving beyond a simple Christophe PicardelRegional Head of Private Capital,Asia-Pacific, Securities Services Christophe Picardel leads BNPParibas’ Securities ServicesPrivate Capital business across Asia‑Pacific, with overall responsibility for strategy, clientdelivery, and business execution. He joined BNP Paribas in2019 as Global Process Owner and Change‑ManagementLead, based in Luxembourg. In mid‑2022 he relocated toSingapore to assume his current regional role. Christophe What is driving Australian superannuation funds’ shift In both Australia and New Zealand, there has been a steady rise inallocations to alternative assets. In Australia, that figure has movedto nearly 20% today.4This trend is expected to continue, supportedby Australia’s policy and regulatory framework, which encourages What is the story behind New Zealand emerging as a private Australia’s superannuation funds are operating at a far larger scalethan they were a decade ago, with around AUD 4.5 trillion availableto deploy globally.6At that size, they need investment opportunitiesthat are both meaningful and scalable while still delivering New Zealand’s emergence can be attributed to its strong economicfundamentals, stable political environment, and continuouslygrowing focus on environmental sustainability. The country’s The other important shift is cross‑border investment. Australian GPsincreasingly see New Zealand LPs as sources of sophisticated long‑term capital. New Zealand investors are looking across the Tasman As larger Australian superannuation funds build more directexposure to alternatives, how is the traditional GP-and-LP The biggest superannuation funds are no longer relying on thetraditional model of committing capital to external managers andwaiting for returns. Many are growing in scale and sophistication. Asthey do, the trend is toward investing more through co‑investment