We work hard to
deliver superior outcomes

Sandy Lockhart

Prior to founding Next Capital, Sandy was responsible for running Macquarie Bank’s private equity business between 1987 and 2004, which encompassed investments made through both Bond Street Investments and three Macquarie Investment Trusts. Before joining Macquarie Bank he worked for Bank of Boston, holding positions in Boston, London and Sydney, where he was head of the Bank of Boston’s Australian and New Zealand operations. Sandy also served as Chairman of the Australian Venture Capital Association Limited (AVCAL) from 1995 to 1996. He has more than 30 years’ experience in specialised lending and private equity.

Sandy is a Director of several investee companies, including Steelforce, New Zealand Rental Group, Vitaco, Onsite and Discovery.

Academic Qualifications
BA (Hons) (Harv), PMD (Harv), ASIA

Patrick Elliott

Prior to founding Next Capital, Patrick was an Executive Director of Macquarie Bank having joined the private equity division in 1997 and having led the division with the other Next founders, Sandy Lockhart and John White. Patrick, John and Sandy left Macquarie ate the end of 2004 to establish Next Capital. Before joining Macquarie, Patrick was a Partner with Australia’s leading insolvency and restructuring specialist, Ferrier Hodgson.

Patrick served as Chairman of the Australian Venture Capital Association Limited (AVCAL) in 2004 and was formerly Non Executive Chairman of ASX100 listed retailer JB Hi-Fi. Patrick is a Director of several investee companies, including Enviropacific, CompareClub and SilverChef

Academic Qualifications
B.Comm, LLB (UNSW), MBA (Hons) (IMD)

John White

John is one of the founding partners of Next Capital, following the successful spin-out from Macquarie Bank in 2005.

Since that time, John has overseen the acquisition of and been involved in the ongoing management of a number of portfolio companies, including NZ Bus, Funlab, Vitaco, Noisette Bakeries and Discovery Holiday Parks. He remains a non-executive director of some of these companies as well as the recently acquired Jucy Rentals and TMX Consulting entities.

Previously, he worked in the corporate finance group at Deutsche Bank in a number of roles, including the Head of the Australasian Telecommunications and Media Advisory Group, and at Ferrier Hodgson where he worked on corporate reconstruction and management and sale of distressed assets in both Australia and New York (with the firm’s affiliate Kahn Consulting).

John is a fellow of Finsia and is a past Chair of the AVCAL (now AIC) Council.

Academic Qualifications
B.Comm, LLB (UNSW)

James Murphy

James has been with Next Capital since 2007 and joined the partnership in 2014.

James was formerly with UBS Investment Bank M&A team. At UBS, he executed transactions including the privatisation of DCA Group, the merger of SFE and ASX, the sale of P&O Cold Logistics for P&O, the sale of Amatek Group for CVC, the acquisition of Guardian Healthcare by DCA Group and the acquisition of ALSTOM Australian and New Zealand assets by United Group. Previously, James was a member of Grant Samuel’s corporate advisory team and a strategy consultant at Accenture, the global consulting firm.

James is or has been a Director of Next Capital’s investments in Scottish Pacific, Infinite Care, Forest Coach Lines, GoBus, Lynch Group, Funlab, Alpha Group, iseek, NZ Bus, Next Athleisure and InterHealthcare and was an alternate Director of Discovery Parks.

Academic Qualifications
B.Comm (UNSW)

Bing Jiang

Bing joined Next Capital in 2010 and was admitted to the partnership in 2022. At Next Capital, Bing is involved in Next Capital’s investments in Forest Coach Lines and is a Director of Zenith, Scentia and Enviropacific Services.

Bing was formerly with Morgan Stanley’s M&A team in Hong Kong. At Morgan Stanley, she executed numerous M&A and IPO transactions involving private equity firms, sovereign wealth funds and banks

Academic Qualifications
B.Comm, LLB (HONS)

Adam Dicembre

Adam joined Next Capital in 2015 and was admitted to the Partnership in 2025.

At Next Capital, Adam is involved in the firm’s investments in Jucy Group and Eptec. Adam was previously involved in the firms investments in Forest Coach Lines, Lynch Group and NZ Bus. Adam was formerly with Rothschild in Sydney working in their general industrials M&A team. Prior to joining Rothschild, Adam worked at Gresham Partners in both its M&A and Asset Finance teams.

Academic Qualifications
B.Com (USYD)

Mary-Anne Matthews

Mary-Anne joined Next Capital in 2021 as the Chief Financial Officer.

Mary-Anne is responsible for the finance and risk functions including accounting, compliance and fund administration, along with investor relations. Prior to Next Capital, Mary-Anne was a Division Director at Macquarie Group supporting Macquarie Capital in its transactions and leading its global financial control team. She also worked for nine years at real estate and investment group, Lendlease, in various roles including Group Chief Accountant, investor relations and finance transformation.

She has worked at KPMG in Sydney and London in assurance, accounting advisory and learning and development, and PWC as a director in the capital markets and accounting advisory team.
Mary-Anne is a Chartered Accountant and has completed the Chief Executive Women Leaders Program.

Academic Qualifications
B. Bus (UTS), Chartered Accountant (CAANZ), Diploma Investor of Relations (AIRA)

Andrew Marshall

Andrew joined Next Capital in 2020. At Next Capital, Andrew is involved in the firm’s investments in Enviropacific and NZ Bus.

Prior to joining Next Capital, Andrew was with UBS Australia’s investment banking division in Sydney. At UBS, Andrew was involved in a range of M&A and financing transactions advising clients in the technology, media and general industrials sectors.

Academic Qualifications
B.Comm, Co-op Hons (UNSW)

Lara Ong

Lara joined Next Capital in 2024. At Next Capital, Lara is involved in the firm’s investments in Country Care Group, SilverChef and TMX. She previously held investment roles at Potentia and Archer Capital. Prior to this, Lara worked in investment banking at Barclays in Sydney and Hong Kong, primarily covering financial sponsors and consumer retail.

Academic Qualifications
B.Com (Bond University)

Bradley Sam

Bradley joined Next Capital in 2022 and is involved with the firm’s investments in Compare Club, Globewest and Alloggio.
Prior to joining Next Capital, Bradley was an investment analyst at Anacacia Capital and a consultant with L.E.K. Consulting.
He started his career as a corporate lawyer at DLA Piper.

Academic Qualifications
BMS (Hons), LLB (Hons), MBA (Distinction) (London Business School)

Morgan Ovenden

Morgan joined Next Capital in 2023.
Prior to joining Next Capital, Morgan worked in the investment banking division at UBS Australia. During his time at UBS, Morgan worked on a number of M&A advisory and financing transactions for clients across a range of sectors, including energy, utilities, administrative services and financial institutions.

Academic Qualifications
Finance, B. Economics (University of Adelaide)

Chris Kostoglou

Chris joined Next Capital in 2024. At Next Capital, Chris is involved with the firm’s investments in Silverchef, Compare Club and Zenith Payments. Chris formerly held an investment role at US mid market PE fund, Lincolnshire, and prior to that was with EY in its Transaction & Corporate Finance practice.

Academic Qualifications
B.Business (UTS), Chartered Accountant (CAANZ)

Christine Meagher

Christine joined Next Capital in 2024 and is involved with the firm’s investment in Country Care Group, Alloggio and Scentia.
Prior to joining Next Capital, Christine worked in the investment banking team at 333 Capital. Christine was involved in a range of M&A and financing transactions advising clients in the consumer, technology and financial services sectors.

Academic Qualifications
B.Acc CoOp (UTS), Chartered Accountant (CAANZ)

Angelo Luo

Angela joined Next Capital in 2022, bringing over 15 years of comprehensive experience in financial management across multiple sectors.  In her role as Financial Controller, she works closely with the Chief Financial Officer to manage and optimise the company’s financial operations, including Fund administration, compliance, and financial reporting.  Before joining Next Capital, Angela gained extensive experience at Lendlease, where she held a range of financial positions across Funds Management, Asset Management, and the Property and Real Estate divisions. As a certified CPA, Angela combines her technical expertise with a results-oriented approach, ensuring that financial practices align with business objectives and support long-term growth.

Academic Qualifications
M.Com (UNSW), B.Com (UoA), Certified Practising Accountant (CPA Australia)

Na Vuong

Na joined Next Capital in 2011 and is the Financial Accountant for both the Next Capital funds and the management companies. Prior to joining Next Capital, Na worked in E*Trade Australia Securities Limited (ANZ Share Investing) and IOOF Global Ltd.

Academic Qualifications
CPA qualified and BA degree in Business Administration with Finance (Bournemouth University – England)