Vulcan Private Capital is a boutique wholesale investment firm with over 50 years of disciplined practice. We offer curated commercial property and mortgage lending opportunities to sophisticated investors in New Zealand who want professional judgement applied before they’re asked to decide anything.
Vulcan is a small, experienced team with deep knowledge of commercial property and mortgage lending in New Zealand. We apply disciplined judgement and conservative criteria to carefully filter opportunities before they are ever offered to investors. That responsibility doesn’t end at placement – stewardship continues across the full investment lifecycle, from selection through to exit.
We are not for everyone. We are intentionally selective – not just in the opportunities we offer, but in who we work with. We work best with investors who value careful judgement, patience, and long-term accountability over speed and spectacle.
That selectivity is not a constraint. It is the reason our investors trust us with their capital.
In 1972, Jack Porus joined the Auckland legal practice that would later become Glaister Ennor. At the time, contributory mortgage lending was a common part of legal practice. As the regulatory environment evolved and many firms chose to step away from the sector, the business continued to develop its investment activities – building decades of experience in carefully assessed mortgage lending and, later, syndicated commercial property investment.
Over time, those activities grew into a distinct investment business guided by a consistent philosophy: assess opportunities carefully, structure them conservatively, prioritise capital protection, and generate reliable income for investors.
Today, Vulcan Private Capital brings together its mortgage lending and commercial property investment activities under a single investment platform. The structure may have evolved, but the principles remain the same: disciplined judgement, conservative criteria, and long-term stewardship of investor capital.
I mean that literally. Not as a metaphor for caution – as an actual standard. Because if they lost capital, or didn’t get their income, could I stand behind the decision knowing someone close to me had trusted my judgement?
Vulcan’s approach is deliberately structured. Three steps, in order, every time.
Identify and assess opportunities against conservative criteria. Many don’t proceed.
Once an opportunity meets our criteria, you’re invited to review it with all the information you need. Decisions are time-bound, not pressured. You choose, every time.
Vulcan remains actively involved through the full lifecycle of each investment, from commitment to exit.
Vulcan is led by a small, experienced team who remain closely involved at every stage of the investment lifecycle. Hands-on. Accountable. Present.
We work directly with investors, take responsibility for the opportunities we curate, and stay involved long after capital is placed. Where appropriate, members of the Vulcan team also invest alongside our investors, reinforcing our long-term commitment to each opportunity.
Decisions are discussed, challenged, and owned – not delegated or hidden behind layers of process.
Our approach is deliberately hands-on. It allows us to apply consistent judgement, communicate clearly, and maintain long-term relationships built on trust and accountability.
Jack Porus is the Founding Principal of Vulcan Private Capital and the architect of its capital protection first investment philosophy. With over 30 years of managing wholesale investment opportunities across New Zealand, he has refined that philosophy through experience and careful judgement. His approach to conservative selection, disciplined stewardship, and long-term investor relationships remains the standard against which every Vulcan investment is assessed.
Edward Timmins is responsible for the evaluation, structuring, and management of commercial property and secured mortgage lending opportunities for Vulcan Private Capital investors. He brings more than 20 years of commercial property, investment, and transaction experience across New Zealand and international markets.
Annice Wood oversees the commercial management of Vulcan Private Capital’s commercial property investment portfolio, with specialist expertise in property transactions, due diligence, investment documentation, and risk identification. She ensures every commercial property syndicate is correctly structured and legally sound before investors are invited to participate.
Rochelle Miskelly manages Vulcan Private Capital’s mortgage investment portfolio end to end – from loan assessment and documentation through to advances, and ongoing administration. With over 20 years of New Zealand property and conveyancing experience, she is the operational backbone that delivers monthly income to Vulcan’s mortgage investors reliably and on time.
Christina McGibbon is the Client Investment Manager at Vulcan Private Capital and typically the first point of contact for wholesale investors beginning their relationship with the firm. She manages investor onboarding, regulatory compliance, and the coordination of investor capital across Vulcan’s commercial property and mortgage investment opportunities.
Steve O’Callaghan drives financial strategy and commercial performance for Vulcan Private Capital and its portfolio companies. Bringing nearly a decade of Big Four and virtual CFO experience across New Zealand and Australia, he specialises in financial modelling, strategic forecasting and governance. He translates complex financial data into actionable insights, ensuring disciplined financial leadership and long-term value creation across every investment.
Vulcan’s board provides independent oversight and strategic direction, while also serving as the Credit Committee responsible for investment approvals.
Jack Porus serves on the board in addition to his active day-to-day roles in Vulcan’s investment operations.
Jack Porus is the Founding Principal of Vulcan Private Capital and the architect of its capital protection first investment philosophy. With over 30 years of managing wholesale investment opportunities across New Zealand, he has refined that philosophy through experience and careful judgement. His approach to conservative selection, disciplined stewardship, and long-term investor relationships remains the standard against which every Vulcan investment is assessed.
Stephanie Harris brings three decades of commercial property law experience to the Vulcan Private Capital board, with specialist expertise in complex property transactions, development and joint venture agreements, and commercial lease structuring. She provides strategic legal oversight at governance level, ensuring Vulcan’s investment and governance frameworks are built to the highest standard.
Mark Szigetvary brings a private client and commercial law perspective to the Vulcan Private Capital board, with more than 35 years of experience advising New Zealand families, business owners, and high-net-worth individuals across property, commercial transactions, and estate planning. His background is directly relevant to Vulcan’s investor base – individuals managing significant personal and family capital at an important stage of life.
Vulcan is intentionally selective – not just in the opportunities we offer, but in how we work with investors. Relationships matter. Accountability matters. And responsibility doesn’t end at placement.
I’ve been doing this for a long time. I started in the law, spent decades advising on transactions across commercial property, forestry, private equity, corporate restructuring – the full range of what New Zealand business looked like across that period. Along the way, I became closely involved in managing investment opportunities for wholesale investors, and eventually that became the focus.
The discipline that underpins Vulcan didn’t come from a textbook. It came from experience – and from watching what happens when the discipline slips.
People who invest with Vulcan are typically at a stage of life where capital is not easily replaced. They’ve worked hard. They’ve built something. They’re looking for reliable income, and they’re trusting us to protect what they’ve spent decades accumulating. That responsibility is not abstract to me. I think about it when I’m assessing every opportunity that crosses my desk.
Before I put an opportunity in front of any investor, I ask myself one question: would I be comfortable if a member of my own family invested in it?
I mean that literally. Not as a metaphor for caution – as an actual standard. Because if they lost capital, or didn’t get their income, could I stand behind the decision knowing someone close to me had trusted my judgement?
If the answer isn’t a clear yes, the opportunity doesn’t proceed.
That standard has guided my thinking for decades. It doesn’t matter how attractive the return looks on paper, or how eager the counterparty is to close. Capital protection comes first. When you’re managing money that has taken years to accumulate, discipline is not optional – it’s the starting point.
The investment philosophy that underpins Vulcan Private Capital – capital protection first, conservative criteria, ongoing stewardship – was built by Jack Porus. He has been refining it for over 30 years.
Jack joined the law firm of Glaister Ennor (now Glaister Keegan) in 1972 and served as Managing Partner for more than three decades. During that time he developed and led Vulcan’s wholesale investment operations – building the frameworks for commercial property syndication and contributory mortgage investment that remain the foundation of how the firm operates today. His approach has always been consistent: identify opportunities carefully, apply conservative criteria before investors see anything, and stay accountable through the full lifecycle of each investment. Not as a process to follow. As a standard to uphold.
He remains actively involved in Vulcan’s investment decisions, investor relationships, and the business’s overall strategic direction. When an investment opportunity is assesed, Jack’s judgement is part of the process. When an investor has a question about how the firm works or where an investment stands, Jack is accessible.
His broader experience spans more than five decades of New Zealand property and commercial law – including significant transactions across forestry, commercial property, private equity, and corporate restructuring. That depth of commercial perspective informs how Vulcan evaluates risk and structures decisions today.
The commercial property and secured mortgage lending opportunities presented to Vulcan investors are carefully assessed, structured, and managed. Edward Timmins plays a central role in that process.
With more than 20 years’ experience spanning commercial property, investment transactions, and capital structuring, Edward brings a practical perspective developed across both property ownership and transaction environments. Prior to joining Vulcan, he held executive roles at one of New Zealand’s largest listed property companies, where he was involved in acquisitions and divestments, development and construction projects, and the management of a substantial commercial property portfolio. He also worked in Auckland, London, and Hong Kong on complex corporate and property transactions across a range of industries and jurisdictions.
That breadth of experience enables Edward to assess opportunities from multiple angles – considering commercial fundamentals, transaction structure, risk, and long-term investor outcomes. It is a perspective shaped by working on both the ownership and transaction side of the property market, and one that informs how opportunities are evaluated before being presented to investors.
At Vulcan, Edward is actively involved throughout the investment lifecycle, from initial assessment and structuring through to ongoing management and exit. He is also focused on maintaining strong relationships with investors and stakeholders, recognising that successful investments are built on trust, transparency, and clear communication.
Commercial property investment is built on more than identifying the right asset. It requires careful assessment, disciplined structuring, and ongoing stewardship throughout the life of the investment. Annice Wood plays a key role in each of those areas across Vulcan Private Capital’s commercial property portfolio.
Her expertise is focused on commercial property investment, including acquisitions, due diligence, lease structures, syndication arrangements, and portfolio management. She has been directly involved in the management and growth of Vulcan’s syndicated property portfolio across New Zealand, applying the same conservative, detail-focused approach that underpins Vulcan’s investment philosophy.
Before a commercial property opportunity is presented to investors, Annice is involved in assessing its structure, documentation, and risk profile, helping ensure the opportunity has been thoroughly evaluated from both a commercial and practical perspective. This work takes place before investors see anything, providing confidence that the key considerations have already been carefully examined.
Annice remains actively involved throughout the investment lifecycle, from acquisition and establishment through to ongoing management and exit. She also works closely with investors, agents, and property professionals across New Zealand, building the long-term relationships that support successful investment outcomes.
She holds an LLB and is an active member of the New Zealand Law Society’s Property Law Section.
Rochelle Miskelly is the operational lead for Vulcan Mortgage Investments – the Vulcan Private Capital product that gives wholesale New Zealand investors access to individually assessed secured mortgage lending opportunities, with interest paid monthly.
She manages the mortgage investment portfolio in its entirety: assessing loan applications against Vulcan’s conservative lending criteria, preparing and advancing loan documentation, administering each loan through its term, liaising directly with borrowers, and overseeing repayments. In short, she runs the mechanics that make the monthly income consistent.
With over 20 years in the New Zealand legal sector and deep working knowledge of property conveyancing and mortgage law, Rochelle brings both technical precision and a practical, responsive approach to a process that demands both. Her involvement in each loan begins at assessment and does not end until investor capital is returned.
That continuity – one person across the full lifecycle of each mortgage – is part of what keeps the process reliable.
Rochelle is a Senior Registered Legal Executive with more than two decades of experience in New Zealand property and mortgage transactions.
Christina McGibbon is the Client Investment Manager at Vulcan Private Capital – the person most investors speak with first, and throughout the course of their relationship with the firm.
Her role sits at the intersection of investor relationship and operational process. She manages the onboarding of new investors – including compliance with New Zealand’s anti-money laundering and know-your-client requirements – and coordinates the matching of investor capital to opportunities across both Vulcan’s commercial property and mortgage investment products as they become available.
Having worked within Vulcan’s investment operations for over five years, Christina has a thorough working knowledge of how each part of the process operates, what investors need to understand before committing, and how to make each step feel clear, practical, and manageable. She is straightforward, responsive, and genuinely focused on helping investors navigate the process with confidence – not just ensuring it is compliant and correct.
Originally from Sweden, Christina has made Auckland home for over 25 years.
Stephanie Harris serves on the Vulcan Private Capital board, providing strategic legal oversight and senior commercial property expertise at governance level.
With over 30 years of experience in commercial property law, Stephanie has advised across a wide range of investor, developer, and institutional mandates – including complex acquisitions and dispositions, development and joint venture agreements, sophisticated lease structures, commercial finance, and dispute resolution. She has acted for some of New Zealand’s most significant property interests throughout her career.
Her role on the Vulcan board is to ensure the firm’s investment and governance frameworks are legally rigorous, commercially sound, and correctly structured in the interests of investors. She is Joint Managing Partner at Glaister Keegan and serves as the Chair of the Kate Edger Trust.
Mark Szigetvary brings a private client and commercial law perspective to the Vulcan Private Capital board.
With more than 35 years of experience advising New Zealand families, business owners, and high-net-worth individuals across property, commercial transactions, and estate planning, Mark has worked closely with the kind of investors Vulcan serves – individuals managing significant personal and family capital at an important stage of life.
That background directly informs his contribution at board level: an understanding not only of legal and commercial structures, but of what these investments actually mean to the people who make them.
