Our Story
First Light Capital
First Light Capital is a 100% New Zealand owned and operated commercial property and fund management firm. We manage high-quality real estate investments nationwide for private and institutional investors who value performance, transparency, and partnership.
Our boutique team brings over a century of combined experience across property, finance, and funds management – both locally and internationally. We offer deep expertise, direct access to decision-makers, and disciplined asset stewardship, ensuring a clear alignment of interests with our investors.
Our Values
Wealth Through Commercial Property
Founded in 2020, First Light Capital quickly established itself as a trusted market leader with the acquisition of Parnell Services Limited, securing a collection of syndicated commercial properties in Auckland and Hamilton. Today, the portfolio is strategically diversified across the commercial, industrial, and healthcare sectors, featuring a strong weighting toward Crown tenancies, offering stability and prestige.
At First Light Capital, we are committed to delivering excellence – blending disciplined investment management with a personalised, high-touch client experience.
Investors First
We prioritise our investors through transparent communication, personalised service, and direct access to our directors – because trust and responsiveness matter.
Invested Together
We back our investments with our own capital, where it supports the strategy and structure – ensuring we succeed together with our investors.
Value-Driven Discipline
We target quality commercial assets with strong fundamentals, applying strict acquisition criteria and conservative gearing to protect and grow capital.
Agility with Purpose
Our independence lets us act swiftly on opportunities, leveraging market insight, and experience without the budget of legacy constraints.
Expertise That Adds Value
We actively manage assets, using proven strategies to unlock long-term value and optimise returns throughout the investment lifecycle.
Responsible Stewardship
We invest ethically and manage with integrity, taking a proactive, transparent approach to deliver lasting value for all stakeholders.
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.
First Light Capital Team
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.
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.
Randolph is a founding shareholder and director of First Light Capital Limited. A chartered accountant with over 35 years’ experience, he specialises in corporate finance, M&A, group restructuring, funds management and international tax. He was formerly a senior tax partner at Ernst & Young and is now Regional Director (Australasia) and NZ Country Head for Acclime Group.
Randolph is also a founding director of Acclime NZ Fund Services Limited, an independent provider of tailored fund administration and advisory solutions. He has advised many of the Asia-Pacific region’s leading financial institutions on structuring and managing property, infrastructure, mortgage, private equity and alternative investment funds.
He also has experience with complex debt, equity, and hybrid instruments, including offerings for both wholesale and retail investors. Randolph sits on the boards of several private investment groups and is an active venture capital investor. He holds a BCA (First Class Honours) from Victoria University and is a member of CA ANZ.
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 acquired through years of working closely with entrepreneurs and their businesses.
As a 10+ year partner at EY, Roger headed the Australasian public sector consulting practice and later led the Entrepreneurial Services and Transaction Advisory lines, sitting on the firm’s executive management group.
Roger is a founding shareholder and director of Acclime New Zealand Limited (formerly VCFO Group Limited) and is responsible for accounting and business advisory. He holds postgraduate management qualifications from Massey University.
Andy is a founding shareholder and director of Acclime New Zealand Limited (formerly VCFO Group Limited) and formerly a senior partner at EY, with extensive involvement in property-based businesses spanning development, investment, retirement villages, financing, forestry, consortiums, and cross-border holdings.
He currently serves as director and trustee for several industrial and commercial property investments. Over 25+ years at EY he led tax, accounting and commercial services for clients in property, venture capital, private equity, utilities, primary resources, financial services and privately owned businesses.
Andy is a member of the Institute of Directors, Chartered Accountants Australia & NZ, Impact Investing and the International Fiscal Association. He holds a Bachelor of Laws (Hons) and Diploma in Accounting from VUW.
He also contributes to the governance of two national charities and a property-based not-for-profit entity.
Philip brings more than 40 years of commercial property experience across valuation, property management, asset management and strategic advisor, and served as Executive Director then Managing Director of Terra Firma Group Limited for more than 25 years.
David has been a widely respected lawyer and real estate investor in Auckland for more than 35 years, specialising in commercial property transactions, trusts, estate management and wealth management.
He built a trusted network through Parnell Services Ltd., acquiring premium Auckland properties and delivering outstanding returns over 20+ years. He now focuses on advising First Light Capital on commercial and industrial property acquisitions and sales.
Todd has been actively involved in commercial property since 2012. He has provided facilities management services for the Healthcare Fund LP portfolio of medical properties since 2017. He splits his time between two centres, ensuring maintenance, upkeep, and smooth operations at each facility.
Dave is the Facilities Manager at First Light Capital, bringing over 20 years' experience across the portfolio. He has detailed knowledge of all the properties and tenants managed in the portfolio and plays a key role in delivering capital works and maintaining asset performance. Dave's international background across industrial and infrastructure projects adds strong practical expertise to the team.
“I have significant experience of investing within syndicated property investments and have been invested with First Light Capital for over 3 years now. The communication from the team is excellent, and I have total confidence in First Light Capital’s ongoing management of the property funds I am invested in and can highly recommend them as a manager.”
Shelley A. | First Light Capital Investor
First Light Capital 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:
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