About

About

Growth focused private equity investor specialising in B2B Services in Australia and New Zealand. Our team brings decades of global experience with one focused approach: first principles investing accelerated with modern capabilities.

38sth is returning private equity to first principles: selective partnerships, active senior involvement, and sustainable growth.

We combine what’s always worked with what’s possible now. Senior partners who do the work. Concentrated, high conviction portfolios where every business gets our full attention. Technology-enhanced capabilities embedded from day one.

We’re selective because genuine partnership needs the right fit. We back businesses at moments where capability, clarity and capital unlock meaningful growth. Then we stay involved, moving quickly, thinking independently and following through completely.

Investment Criteria

Investment Criteria

Investment Criteria

$50–200M

Equity Cheques

Equity Cheques

40%+

Ownership

Ownership

10%+

Organic Growth

Organic Growth

$50–500M

Revenue

Revenue

Investments

Investments

Investments

Robust, growing businesses in B2B Services

We invest in Australian and New Zealand companies with $50-200m equity cheques with capacity for follow-on support. We look for businesses with strong market positions in defensible niches, clear pathways for organic and strategic growth, driven forward by leadership teams with a high ownership quotient.

We lean into situations where our experience and international perspective create genuine impact: operational improvements may come from digital transformation, improved employee value propositions, strategic clarity, M&A, improved go to market strategies, overseas expansion or all of the above.

Core Sectors

Core Sectors

Core Sectors

We deliberately focus on B2B Service verticals. We like large markets, resilient fundamentals, pricing power and the ability to differentiate on customer service.

We deliberately focus on B2B Service verticals. We like large markets, resilient fundamentals, pricing power and the ability to differentiate on customer service.

Industrial Services
Field based technical services with relentless focus on serving clients needs.

Industrial Services
Field based technical services with relentless focus on serving clients needs.

Healthcare & Education
Delivering essential services with high societal impact in a cost-effective manner.

Healthcare & Education
Delivering essential services with high societal impact in a cost-effective manner.

Professional Services
Consultancies with diversified end markets and geographical footprints.

Professional Services
Consultancies with diversified end markets and geographical footprints.

Technology
Vertical software and digital infrastructure with embedded customer relationships.

Technology
Vertical software and digital infrastructure with embedded customer relationships.

Track Record *

Track Record *

Track Record *

Industrial Services

Dimeo

Investment Year: 2024
Status: Current

Industrial Services

Dimeo

Investment Year: 2024
Status: Current

Industrial Services

Dimeo

Investment Year: 2024
Status: Current

Industrial Services

Waste Services Group (WSG)

Investment Year: 2021
Status: Partially Realised

Industrial Services

Waste Services Group (WSG)

Investment Year: 2021
Status: Partially Realised

Industrial Services

Waste Services Group (WSG)

Investment Year: 2021
Status: Partially Realised

Technology

Everlight Radiology

Investment Year: 2021
Status: Current

Technology

Everlight Radiology

Investment Year: 2021
Status: Current

Technology

Everlight Radiology

Investment Year: 2021
Status: Current

Healthcare & Education

Better Medical

Investment Year: 2021
Status: Realised

Healthcare & Education

Better Medical

Investment Year: 2021
Status: Realised

Healthcare & Education

Better Medical

Investment Year: 2021
Status: Realised

Healthcare & Education

Habit Health

Investment Year: 2018
Status: Realised

Healthcare & Education

Habit Health

Investment Year: 2018
Status: Realised

Healthcare & Education

Habit Health

Investment Year: 2018
Status: Realised

Professional Services

TSA Management

Investment Year: 2017
Status: Realised

Professional Services

TSA Management

Investment Year: 2017
Status: Realised

Professional Services

TSA Management

Investment Year: 2017
Status: Realised

* Livingbridge Australia acted as an advisor to Livingbridge on the investments listed above. 38sth is the approved spin-out of the Livingbridge Australia team and continues to manage existing Livingbridge investments in Australia.

Team

Team

Team

A senior, hands-on team built for selective partnerships

38sth brings decades of combined experience across Australia, New Zealand, the UK, and the US. No institutional layers or friction. Just senior partners working alongside management teams from day one, with our entire team behind every partnership.

Gareth Young
Gareth Young
Gareth Young

Gareth Young

Managing Partner

Prior to co-founding 38sth, Gareth has worked continuously in private equity since 2004 with Livingbridge and Lazard. Prior roles were at Arthur Andersen and JP Morgan. Gareth has experience as an investor and operator having also co-founded global e-commerce brand, Solbari. Gareth is a Chartered Accountant (ICAEW), completed the PLD program at Harvard Business School and has a First Class degree in Economics from the University of London.

Oliver Mauldridge
Oliver Mauldridge
Oliver Mauldridge

Oliver Mauldridge

Partner

Oliver brings extensive experience in mid-market private equity and international experience. Has led and supported transactions across multiple sectors. Prior to co-founding 38sth was a Managing Director at Livingbridge, working in the UK and Australia. Earlier in his career he held roles at DC Advisory, Barclays and Deloitte. Oliver is a Chartered Accountant (ICAEW) and has a First Class degree in Business Management from Aston University.

William Bajraszewski
William Bajraszewski
William Bajraszewski

William Bajraszewski

Partner

Will has a proven track record supporting mid-market businesses through periods of transformation and accelerated growth.  Prior to co-founding 38sth, Will worked at Livingbridge for seven years working across the ANZ portfolio and before that worked at UBS in Melbourne. Will has a High Distinction, double degree in Commerce and Law from University of Melbourne.

Zach Dempsey
Zach Dempsey
Zach Dempsey

Zach Dempsey

Investment Manager

Zach supports sourcing, diligence, and value-creation activity across the portfolio. He brings a modern, technology-enabled approach to analysis and insight. Zach started his career at Flagstaff Partners and has a Bachelor of Commerce and Computer Science at Monash University.

Gillian Vella
Gillian Vella
Gillian Vella

Gillian Vella

Operations Manager

Gill manages the operations of 38sth. Gill’s remit spans investor relations, operations and finance. Prior to joining 38sth Gill worked at Livingbridge in Melbourne and Addleshaw Goddard in the UK. Gill has degrees from the University of South Australia (Business) and Southern Cross University (Law).

Approach

Approach

Approach

First principles in practice

We’re selective because effective partnership demands time, focus and senior experience. Every business we back gets partners who stay involved from the first conversation to exit. No handovers, no institutional layers, no friction. Just committed ownership thinking applied to your growth.

Senior Partners,
Every Deal

Senior Partners,
Every Deal

One experienced senior-led team behind every investment. We work the way we'd want to be worked with: making decisions together, moving quickly, following through completely.

One experienced senior-led team behind every investment. We work the way we'd want to be worked with: making decisions together, moving quickly, following through completely.

Flexible Structures,
Fixed Commitment

Flexible Structures,
Fixed Commitment

We invest flexibly with majority or minority stakes depending on what creates the strongest alignment. The structure changes. Our approach and commitment doesn't.

We invest flexibly with majority or minority stakes depending on what creates the strongest alignment. The structure changes. Our approach and commitment doesn't.

Technology Enabled Operations From Day One

We focus where we add genuine value: strategy execution, scalable systems, management capacity, and expansion pathways. Embedded technology that accelerate decisions without adding institutional layers.

We focus where we add genuine value: strategy execution, scalable systems, management capacity, and expansion pathways. Embedded technology that accelerate decisions without adding institutional layers.