Our Story
First Light Capital Ltd (FLCL)
First Light Capital (FLC) is an independent commercial property and fund management company that prioritises people alongside performance. FLC prides itself on being accessible, accountable and assertive, with a portfolio of premium investments across New Zealand for both individual and institutional investors.
The company is 100% owned by the directors and brings together more than 100 years of combined expertise in property, funds management, and investor relations in New Zealand and overseas. FLC is a small team of industry leaders that believe in proactive asset management and open communication.
FLC was founded in 2020 when the three principals of the VCFO accountancy business, Randolph van der Burgh, Andy Archer and Roger Hatrick-Smith combined with capital markets veteran Toby Hunn to establish a new commercial property funds management team. The seed investment vehicle, the First Light Property Fund Limited was successfully launched and initially oversubscribed in early 2021.
The same year, FLC acquired Parnell Services Limited and it’s highly successful portfolio of syndicated properties. Parnell Services was established by the prominent Parnell based lawyer David Nicoll in 2003, providing his valued clients with bespoke investment opportunities in commercial real estate. This business grew significantly over the next 18 years whilst safely navigating the GFC period to encompass a diverse portfolio of commercial real estate across the Auckland and Hamilton areas.
The FLC business has grown further since the purchase of Parnell Services and now has circa $310m in AUM, including fund administration on behalf of investors both in New Zealand and abroad. The portfolio is split between commercial, industrial and healthcare properties with a significant number of crown tenancies. We are also proud to now say that the portfolio includes our latest healthcare acquisition in Christchurch.
Our People
First Light Capital has a highly qualified and skilled management team that have considerable business experience in property investment, fund management and administration, facilities and asset management, property and trust law, investment advisory, accountancy and taxation and investor relations.
Toby is a founding director of First Light Capital and is responsible for deal sourcing, asset management, sales and marketing, and investor relations.
Toby has more than 20 years of capital markets experience, including working in Hong Kong and Tokyo with leading financial institutions, and has been investing in real estate opportunities since 2003.
Toby is an REAA Licensed Salesperson, holds an NZX Diploma and completed his Authorised Financial Advisor qualifications in 2020.
Randolph has nearly 30 years experience in corporate finance, mergers & acquisitions, IPOs, financial services and international tax planning.
He was previously a senior partner at Ernst & Young both in New Zealand and Australia. He has advised some of the largest financial institutions in the Asia-Pacific region on cross-border property funds, infrastructure funds, private equity funds, and managed investment funds, including related products for retail and wholesale investors.
Andrea is responsible for First Light Capital’s overall financial management, reporting and policies, ensuring the compliance of its accounting and tax practices.
She has extensive knowledge in PIE structures, property, property funds, construction, forestry and ETS, including with Baker Tilly, PwC London and GLH Hotels Management UK.
Andrea is a member of the Chartered Accountants of Australia and New Zealand and holds a Bachelor of Business Studies (First Class Honours) and Post Graduate Diploma (First Class Honours) from Massey University, Auckland.
David Annan is a valuable addition to First Light Capital, bringing with him over 12 years of extensive agency expertise, with a specific focus on industrial properties in Auckland. Throughout his career, David has gained a deep understanding of various facets within the industry, including sales, leasing, and development.
His client portfolio is a testament to his versatility, ranging from small businesses to large corporations, each benefitting from his comprehensive knowledge and tailored solutions. David is widely recognised for his unwavering commitment to achieving successful outcomes for his clients.
David holds a Bachelor of Property (BProp) from the University of Auckland.
David has been a widely respected lawyer and real estate investor in Auckland for more than 35 years, specialising in commercial property transaction, trusts, estate management and wealth management.
He has grown a network of trusted clients over a significant period of time, including under his Parnell Services Ltd. investment portfolio, which focused on acquiring premium Auckland properties and achieved consistently outstanding returns over 20+ years. David now concentrates on giving the First Light Capital team solid input into the buying and selling of commercial and industrial properties.
David has been a widely respected lawyer and real estate investor in Auckland for more than 35 years, specialising in commercial property transaction, trusts, estate management and wealth management.
He has grown a network of trusted clients over a significant period of time, including under his Parnell Services Ltd. investment portfolio, which focused on acquiring premium Auckland properties and achieved consistently outstanding returns over 20+ years. David now concentrates on giving the First Light Capital team solid input into the buying and selling of commercial and industrial properties.
Toby is a founding director of First Light Capital and is responsible for deal sourcing, asset management, sales and marketing, and investor relations.
Toby has more than 20 years of capital markets experience, including working in Hong Kong and Tokyo with leading financial institutions, and has been investing in real estate opportunities since 2003.
Toby is an REAA Licensed Salesperson, holds an NZX Diploma and completed his Authorised Financial Advisor qualifications in 2020.
Randolph has nearly 30 years experience in corporate finance, mergers & acquisitions, IPOs, financial services and international tax planning.
He was previously a senior partner at Ernst & Young both in New Zealand and Australia. He has advised some of the largest financial institutions in the Asia-Pacific region on cross-border property funds, infrastructure funds, private equity funds, and managed investment funds, including related products for retail and wholesale investors.
Roger’s domestic and international business advisory experience spans 40 years. He has a deep understanding of the issues and challenges facing businesses wanting to grow both in New Zealand and offshore. He has advised many businesses through various stages of growth offering insights and knowledge acquired through many years of working closely with entrepreneurs and their businesses. As a 10+ year partner at EY, Roger initially was a partner in EY consulting and after the sale of their consulting practice to Cap Gemini headed the Australasian public sector consulting practice for four years. Subsequently Roger was partner in charge of the Entrepreneurial Services and Transaction Advisory service lines at EY and was a member of the executive management group of the Firm.
Roger is a founding Director of VCFO Group Ltd after forming the original VCFO Firm in 2007 and is responsible for the accounting and business advisory areas of the Firm. He has experience across a number of business areas including commercial property management, property development and a range of young entrepreneurial start-up companies and provides advice on guidance on growth; access to capital; strategy commercialisation; valuations; and acquisitions and divestments.
Roger is a Chartered Accountant and has post graduate management qualifications from Massey University.
David has been a widely respected lawyer and real estate investor in Auckland for more than 35 years, specialising in commercial property transaction, trusts, estate management and wealth management.
He has grown a network of trusted clients over a significant period of time, including under his Parnell Services Ltd. investment portfolio, which focused on acquiring premium Auckland properties and achieved consistently outstanding returns over 20+ years. David now concentrates on giving the First Light Capital team solid input into the buying and selling of commercial and industrial properties.
Toby is a founding director of First Light Capital and is responsible for deal sourcing, asset management, sales and marketing, and investor relations.
Toby has more than 20 years of capital markets experience, including working in Hong Kong and Tokyo with leading financial institutions, and has been investing in real estate opportunities since 2003.
Toby is an REAA Licensed Salesperson, holds an NZX Diploma and completed his Authorised Financial Advisor qualifications in 2020.
Randolph has nearly 30 years experience in corporate finance, mergers & acquisitions, IPOs, financial services and international tax planning.
He was previously a senior partner at Ernst & Young both in New Zealand and Australia. He has advised some of the largest financial institutions in the Asia-Pacific region on cross-border property funds, infrastructure funds, private equity funds, and managed investment funds, including related products for retail and wholesale investors.
Andy is a director of VCFO Group and formerly a senior partner at EY where he has had extensive involvement in property based businesses spanning sectors from property development, property investment, retirement villages, property financing, forestry, property consortiums, and cross-border holdings. Property businesses here range from entrepreneurial holdings to substantial multi-invested entities.
He is also currently a director and trustee of entities that hold or are developing industrial and commercial property investments. As a 25+ year partner at EY, Andy was responsible for the tax, accounting and commercial needs of clients within property, venture capital, private equity, utilities, primary resources, financial services and privately owned businesses, and he enjoyed leadership roles within the firm.
Andy is a member of the Institute of Directors and also Chartered Accountants Australia & NZ. He is also a member of Impact Investing and the International Fiscal Association. He qualified from VUW with a Bachelor of Laws (Hons) degree and Diploma in Accounting.
Andy is also involved in leading and governance of 2 national charities, and a property based not-for-profit entity.
First Light Capital
First Light Capital was founded on the principles of our Directors, which align our interests with those of our Investors. Our goal is to develop long term partnerships with our investors founded on mutual trust, where the growth and preservation of our capital and active ongoing management of our commercial property wealth is our primary objective. Whilst we have a diverse skillset and range of business experience, our accounting backgrounds mean we are conservative in nature.
We will only source properties in which the Directors will invest alongside investors. Our biggest asset will be our Investors, so we encourage communication and will be operating on an “Open Office” basis – come in and see us at any time and talk to us. We are centrally located and welcome the interaction.
We invite you to join us on this journey and invest alongside us.
Our Approach
As a small investment company, we closely monitor the market for diverse investment opportunities that align with our priorities and expertise. We are agile and assertive, and able to capitalise on opportunities without being beholden to legacy operations
Our value-add expertise in investment and asset management enables us to identify suitable properties and unlock value for investors.
- Properties in premium locations
- Strong tenant covenant with long term leases
- Preferably more than one tenant
- Rental growth incorporated into the leases (where possible)
- Freehold titles
- Purchase price in line with market value
- Conservative LVRs
We believe in order to succeed together there needs to be mutual trust. That’s why we back our investments with our own money.
We are only a call away. We only exist to serve our investors, this is why we provide the highest quality customer experience possible.
When you walk into First Light Capital you will be greeted with knowledge, experience and a consortium of experts all ready to go the extra mile for their stakeholders.
Our mission is to build a trusted and genuine brand providing intelligent and high quality commercial property investments. We will do what we say and invest ethically while ensuring our investors receive solid returns.
We back our investments with our own money. This builds mutual trust and enables us to succeed together with our investors.
We prioritise investor relationships and aim for the highest standard of customer service. Our directors are only ever a phone call away.
Our team of industry experts will always go the extra mile, with the interests of all our stakeholders front of mind.
We invest ethically and responsibly, with a commitment to premium commercial real estate, and proactive, open management that delivers premium returns.
Our Partners
The First Light Capital team has a wealth of business experience. Like anyone, we rely on the power of strategic relationships for efficiency and expertise that enable our success.
Our partners include:
