Last week, the Shaw and Partners GP Wealth team hosted Five V Capital for a Boardroom Lunch with clients and guests. The session explored how mid-market private equity works in practice, and the investment approach behind the Horizons Fund, including how Five V sources opportunities, supports portfolio companies, and thinks about exits over time.
What we covered
The discussion focused on how Five V approaches growth oriented mid market private equity in Australia and New Zealand, including why they target businesses that are already profitable and growing, and how they aim to generate returns primarily through business growth rather than heavy leverage.
A key feature of the conversation was the Horizons Fund, an evergreen structure designed to make private equity access simpler for investors, while co investing alongside Five V’s closed end funds and offering liquidity on a quarterly basis within the fund’s settings.
Key takeaways for investors
1) Why mid market private equity can look different
Five V highlighted the mid market as a large opportunity set, with many privately owned businesses at an important transition point, often founder led businesses seeking a capital partner to help professionalise operations, strengthen governance, and pursue the next stage of growth.
2) A growth partner model, not a turnaround model
The emphasis was on partnering with quality companies and supporting them through a repeatable value creation approach, including strategic planning, capability uplift, and selective add on acquisition opportunities where relevant.
3) Active ownership in private markets
The session also explored how active ownership differs from listed market investing, with Five V describing an approach that involves frequent engagement with management teams and hands on support from specialist resources across areas such as strategy, technology, and operational improvement.
4) Horizons Fund structure and investor experience
Five V explained that Horizons is an evergreen fund that co invests alongside their closed end funds, with investors able to access a diversified set of private equity positions as the portfolio builds and matures. The conversation also covered how valuations are reviewed and how liquidity is managed within an evergreen structure.
5) Exits and buyer pathways
Another theme was exit optionality in the mid market, including the role of strategic acquirers and larger private equity buyers, and why early buyer engagement can support outcomes when the business is ready.
Thank you
Thank you to our clients and guests for joining us, and to the Five V team for a thoughtful and engaging discussion.
If you would like to learn more about private markets, portfolio construction, or how private equity may fit into an investment strategy, please reach out to the Shaw and Partners GP Wealth team.
Important information
This material is for general information only and does not constitute personal financial advice. Any investment decision should be made after considering your circumstances and, where appropriate, seeking professional advice.