An evergreen, income-generating private equity fund, Castlerock invests in established New Zealand businesses to support growth, succession planning, and the creation of enduring value.
We invest in established, well-run businesses that have consistently delivered and have more to offer.
By working closely with management, owners, and stakeholders, we help preserve the legacy of what’s been built while enabling sustainable growth and long-term success.
What does “Evergreen” mean?
- Castlerock runs an evergreen private equity fund, an open-ended structure designed for long-term investors seeking reliable returns and real-world impact.
- Unlike traditional private equity, our fund doesn’t wind down after a set number of years. That means we don’t sell a business unless it makes sense, for the company, its leadership, investors and the long-term value we’re building.
- This structure gives us the flexibility to:
- Stay invested for the long haul, without exit pressure
- Avoid short-term bets or artificial deadlines
- Focus on capital preservation, steady quarterly income, and compounding value
- Back business owners through growth, succession, and legacy transitions, without rushing the process
It’s a structure designed to move at the pace of real business, and to deliver for investors who think in decades, not deal cycles.
Castlerock is structured for wholesale investors who seek regular income, capital preservation, and access to New Zealand’s private market.
Get the best of both worlds
Castlerock targets both cash yield and long-term capital growth: We target 8.0% return on the fund’s value each year. Since its inception in 2017, the fund has delivered total returns of 10% per annum, with cash yields exceeding 11% per annum.* This balance of income and growth is made possible by our evergreen structure and disciplined investment approach.
*Returns may vary and are not guaranteed.
Tailored for wholesale and purpose-driven investors
Castlerock offers a values-aligned alternative to traditional financial markets. Investors gain access to proven, real-economy businesses, with quarterly income, capital protection, a tailored tax structure, and liquidity options.
Capital that works from day one
Capital that works from day one. Our evergreen model puts your capital to work from the outset by investing straight into the current portfolio companies. Investors begin receiving distributions from the time their shares are issued. We back established, cash-generating businesses with the ability to deliver reliable returns and steady long-term growth. Castlerock has made distributions every quarter since its inception in 2017; however, distributions are not guaranteed and may vary.
Led by experience, grounded in purpose (backed by a strong team)
Castlerock is backed and managed by Bancorp, a leading investment banking group based in Auckland. An increasing number of high-net-worth individuals, family offices, charitable trusts, and institutional investors have joined Bancorp in backing Castlerock’s leadership.
The fund is managed daily by a dedicated, hands-on team focused on partnership, performance, and purpose, so you can be confident your capital is working with others who share a long-term view.
Invest without the risk of share market volatility
When you invest in Castlerock, your share price reflects the performance of our portfolio businesses, not the volatility of public markets. We invest in established companies chosen for their stability, strong cash flow, and long-term growth potential.
Growing fund: now $50m+
Castlerock accepts new investment every quarter.
Target: 8.0%+ cash return
Each year, Castlerock aims to provide investors quarterly distributions targeting an 8.0% cash return each year. Since inception, our quarterly distribution have provided original investors a 11% IRR* (in addition to any capital growth).
Strong delivery: 10% IRR*
Over the life of Castlerock’s fund, it has delivered a 10% IRR to investors through a mixture of cash distributions and capital growth.
All of the fund’s portfolio assets are profitable and cash generative, and Castlerock receives regular distributions from the portfolio that cover the distributions made to investors.
* Annualised cash and total returns are calculated using an internal rate of return (IRR) formula which considers the amount and timing of cash flows (share purchases and redemptions, and cash distributions) and the Castlerock share price at the time of the calculation. Capital growth reflects the growth in share value over time (and is the difference between total and cash returns). The returns presented above cover the period from 1 October 2017 (when Castlerock launched to external investors) to 30 June 2025.
Cashflow first, long-term investment in New Zealand’s real economy
At Castlerock, we invest in established New Zealand businesses with consistent cash flow, resilient models, and long-term potential.
These are companies that are already delivering, not start-ups, early-stage ventures, or capital-intensive plays.
We focus on sectors where strong local leadership, proven performance, and a grounded strategy to create opportunities for growth, and where we can be the right partner by their side.
Our portfolio currently includes six successful businesses, and we continue to seek new opportunities that align with our long-term investment approach.
