Patrick Elliott: Private Equity Playbook

Private-equity veteran Patrick Elliott (Founding Partner, Next Capital; ex-Macquarie PE; former Chair of JB Hi-Fi) joins James H Stewart to unpack career pivots, equity investing and what they teach us about risk, governance, and value creation.

Patrick traces his path from restructuring at Ferrier Hodgson to Private equity investing at Macquarie, then the leap to found Next Capital. We dig into the JB Hi-Fi MBI-to-IPO journey, the lessons from the collapse of Topshop Australia and how to approach turnarounds when the exit options are limited.

Whether you’re a founder, operator, or investor, you’ll get a playbook in patient investing, strategic pivots, and why great businesses are built around great people.

Practical, candid, and loaded with real examples.

Key Takeaways:

• How to know when it’s time to change direction

• The mindset required to transition from advisor to investor

• Lessons from private equity and rethinking growth after crisis

“If you’re not learning or growing, you’re already going backwards.” — Patrick Elliott

About Patrick Elliott:

Patrick Elliott is Co-Founder of Next Capital and former executive at Macquarie Bank. A graduate of IMD (Switzerland), he has led investments across retail, consumer, and industrial sectors — combining analytical precision with entrepreneurial instinct.

Connect with Patrick:

https://www.linkedin.com/in/patrick-elliott-374a3214b

https://nextcapital.com.au