Australia’s best businesses are built over decades. We believe their investment partners should think the same way.
National Champions Fund is a long-hold private equity fund focused on high-quality, cash-generative Australian businesses. Our approach brings patient capital together with aligned business owners and management teams.
By taking the long view, we aim to preserve business legacies, support sustainable growth and create enduring value for investors and future generations.
Investor enquiries are for wholesale clients only.
02 / OUR APPROACH
Discipline today. Possibility tomorrow.
Long game. Income. Legacy.
Three connected ideas. One considered investment philosophy.
THE EFFECT OF A LONGER HOLD
A theoretical 24-year comparison.
This theoretical illustration compares a single long-hold investment with four successive buyout investments over the same period.
Long-hold model$164m 8.2×
Traditional buyout model$82m 4.1×
Multiples are money-on-money. Hypothetical analysis, not NCF performance or a forecast. Past performance is not a reliable indicator of future performance.
01 / LONGER OWNERSHIP. LESS CHURN.
Less churn. More compounding.
Repeated buying and selling can erode value. Transaction fees, financing costs, tax and management distraction all take capital and attention away from the business.
Our long-hold approach seeks to reduce these frictions and give businesses more time to build value, rather than planning around the next sale.
Own through cycles, rather than requiring an exit in a particular market.
Cash distributions
Generate income from businesses, rather than relying solely on asset sales.
Structural leverage
Use lower leverage in the NCF model.
This is NCF’s investment thesis, not a verified market-wide or lower-risk guarantee. An investment in NCF is speculative and there is no guarantee of a return of capital.
02 / THE OPPORTUNITY IN INCOME
Mature businesses. Overlooked income.
Our investment thesis is that mature, cash-generative Australian businesses can be overlooked by investors who prioritise growth. Less competition can create opportunities to acquire strong businesses at attractive prices.
NCF’s model focuses on business earnings and distributions, lower structural leverage, and ownership through market cycles rather than reliance on the next sale.
~A$6tnAssets held by people aged 65+Includes assets, superannuation and property.
These figures describe different populations. The wealth figure is not the value of businesses owned by the 550,000 owners.
03 / A PARTNERSHIP THAT RESPECTS LEGACY
Legacy matters. Not just price.
For many founders and family owners, the right partner matters as much as the price. A business can represent a lifetime of work, family involvement and relationships built over decades.
NCF’s partnership approach aims to preserve what makes a business distinctive while supporting its next chapter. The goal is a considered transition, not simply a complete exit.
Respect for founders and families
Continuity for people and relationships
A long-term future for the business
“what mattered to us was finding the right long-term partner for the business”
1300TempFence is a prior Fund 1 investment, not an NCF portfolio company. This testimonial is not an NCF performance result.
These are investment principles, not guaranteed outcomes. All investments carry risk; income and capital returns are not guaranteed.
THE DIFFERENCE IN APPROACH
A longer horizon. A different ownership model.
NCF and traditional private equity.
A considered alternative to the conventional buyout model.
Selected differences between a traditional buyout fund and the National Champions Fund model
What matters
Traditional buyout fund
NCF model
Ownership horizon
Traditional buyout fund3–5 years; exit is mandatory.
NCF modelIndefinite; no forced selling.
Value creation
Traditional buyout fundBusiness growth, leverage and the eventual sale.
NCF modelBusiness earnings, distributions and retained growth.
Structural leverage
Traditional buyout fundApproximately 4–5× net debt / EBITDA.
NCF modelMaximum 2× net debt / EBITDA.
Dependence on an exit
Traditional buyout fundRealising investment value generally depends on a sale.
NCF modelIncome is intended to reduce reliance on an exit window.
Cost of churn
Traditional buyout fundTransaction costs recur when businesses are bought and sold.
NCF modelLonger ownership seeks to reduce repeated transaction costs.
Founder partnership
Traditional buyout fundSell 100%; business re-sold in approximately 4 years.
NCF modelPartner at 30–70%; legacy preserved.
View cash generation, liquidity, fees and fund structure +
Additional indicative fund terms
Fund detail
Traditional buyout fund
NCF model
Cash generation
Traditional buyout fundTerminal: years 5–10, market-dependent.
NCF modelApproximately 10–15% p.a. cash yield along the way.1
Liquidity
Traditional buyout fundApproximately 10-year lock-up; J-curve.
NCF modelAnnual liquidity via a share buy-back program, capped at 10% of NAV. Subject to final documentation; liquidity is not guaranteed.
Management fee
Traditional buyout fundApproximately 2% on committed capital.
NCF model2% of committed capital to year 4, then net trust value.2
Performance fee
Traditional buyout fund20% cash carry, crystallised at each exit.
NCF model20% above an 8% IRR preferred return, received in units.
Tax profile: Australian investors
Traditional buyout fundCGT crystallised at every exit.
NCF modelFranked income; CGT deferred until you sell. Individual tax treatment depends on circumstances and final structure.
Valuation oversight
Traditional buyout fundGP-led marks.
NCF modelIndependent valuer, chair and IAC, with two challenge rights.
1 Illustrative cash generation is net of fees and refers to a portfolio average across performing investments. It is not NCF performance or a guaranteed yield.
2 All NCF terms are indicative only and subject to final documentation.
This is an illustrative comparison; actual structures differ by fund. NCF is proposed and its terms remain subject to final documentation. Returns, income, liquidity and preservation of a business legacy are not guaranteed. Tax information is general, not tax advice.
03 / OUR PEOPLE
Experience. Alignment. A shared long-term view.
Invested in the long game.
Investment experience and an operator’s perspective. A team that understands both capital and the businesses behind it.
Matt Donazzan
Managing Partner
More than 15 years of experience across private equity investing, advisory, investment banking and operating leadership.
More about Matt +
Matt’s experience spans Goldman Sachs, UBS, KPMG and M.H. Carnegie & Co, alongside investment leadership and board roles at Straight Bat Private Equity.
His operating experience includes CEO of KPS Australia and Head of Strategy and M&A at TEG Ticketek, bringing a practical business perspective to long-term investment partnerships.
Ze’ev Meltzer
Partner
A private equity investor, capital allocator and business operator with experience in funds management and capital formation.
More about Ze’ev +
Ze’ev was a Managing Director at Straight Bat Private Equity, responsible for funds management and capital formation, including investor services, treasury and compliance.
His experience combines investment and asset management with entrepreneurship and operating leadership. He holds undergraduate and postgraduate qualifications in arts, commerce and business administration.
04 / GET IN TOUCH
Let’s talk about what comes next.
Whether you’re exploring a long-term investment or the next chapter for your business, we’d like to hear from you.
