Brandwave

Direct Capital vs Waterman Capital:Which is more popular in New Zealand?

In October 2026, Waterman Capital had more branded searches than Direct Capital among private equity firms in New Zealand. Waterman Capital had about 590 branded searches, while Direct Capital had 320. Waterman Capital made up 16.4% of all private equity firm searches we track, and Direct Capital accounted for 8.9%. When we asked ChatGPT and Google AI Overviews about private equity firms, Direct Capital appeared in four of the five answers and Waterman Capital in three. Direct Capital was mentioned before Waterman Capital in four out of five answers.

Among private equity firms in New Zealand in October 2026

Who do people search for more?

Waterman Capital, about 84% more searches than Direct Capital

Waterman Capital 590 searchesDirect Capital 320 searches

Who does AI mention more?

Direct Capital, mentioned in 4 of 5 answers, Waterman Capital in 3

Direct Capital in 4 of 5Waterman Capital in 3 of 5

Who does AI recommend more?

Direct Capital, named ahead of Waterman Capital in 4 of 5 answers

Direct Capital first in 4Waterman Capital first in 1

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Top private equity firms in ChatGPT and Google AI Overviews

In three ChatGPT questions and two Google AI Overviews, Direct Capital was mentioned in four out of five: in two of the three ChatGPT answers and in both Google AI Overviews. Waterman Capital was mentioned in three out of five: in two of the three ChatGPT answers and in one of the two Google AI Overviews. Direct Capital was listed before Waterman Capital in four out of five answers.

Most recommended by AI

Brands get a higher ranking if they are mentioned earlier in the answers.

  1. Direct Capital1st
  2. Waterman Capital2nd
  3. Pencarrow Private Equity3rd
  4. Pioneer Capital4th
  5. Castlerock5th
  6. Adamantem Capital–
  7. Anchorage Capital Partners–
  8. Maui Capital–

Mentioned by AI

Each dot is one answer, filled in when that answer mentions the brand.

  • Direct Capital4 of 5Named in 2 of 3 ChatGPT answersNamed in 2 of 2 Google answers
  • Pioneer Capital4 of 5Named in 3 of 3 ChatGPT answersNamed in 1 of 2 Google answers
  • Waterman Capital3 of 5Named in 2 of 3 ChatGPT answersNamed in 1 of 2 Google answers
  • Pencarrow Private Equity3 of 5Named in 1 of 3 ChatGPT answersNamed in 2 of 2 Google answers
  • Castlerock2 of 5Named in 0 of 3 ChatGPT answersNamed in 2 of 2 Google answers
  • Adamantem Capital0 of 5Named in 0 of 3 ChatGPT answersNamed in 0 of 2 Google answers
  • Anchorage Capital Partners0 of 5Named in 0 of 3 ChatGPT answersNamed in 0 of 2 Google answers
  • Maui Capital0 of 5Named in 0 of 3 ChatGPT answersNamed in 0 of 2 Google answers

See every answer about private equity firms

5 answers

Not named in any answer:

Brands are shown in the order each answer named them. The survey took place in New Zealand on October 21, 2026.

Is Direct Capital or Waterman Capital more popular in search?

This chart shows how often people search Google for Direct Capital and Waterman Capital by name. Each line represents a brand's share of searches for all eight private equity firms we track, month by month, from searches in New Zealand.

Direct Capital and Waterman Capital among private equity firms in New Zealand, by month

Share of searches by month for Waterman Capital, Direct Capital. The figures are in the table below the chart.

View monthly share of searches table
MonthCastlerockWaterman CapitalDirect CapitalPioneer CapitalPencarrow Private EquityAdamantem CapitalAnchorage Capital PartnersMaui Capital
Nov 202558.4%9.5%11.7%9.5%6.3%1.7%1.7%1.2%
Dec 202570.3%5.1%11.5%5.1%2.7%3.3%1.2%0.78%
Jan 202671.8%6.4%6.4%6.4%4.2%1.7%1.7%1.2%
Feb 202660%9.8%9.8%8%6.5%2.3%2.5%1.3%
Mar 202650.1%12.7%10.3%10.3%8.4%3.7%2.1%2.4%
Apr 202660.2%8%8%8%6.5%5.3%2.3%1.8%
May 202653.5%11%11%11%7.3%2.5%2.3%1.4%
Jun 202654.4%11.2%11.2%9.2%7.4%3.2%2%1.4%
Jul 202655.9%7.6%11.5%11.5%6.2%2.1%3.8%1.5%
Aug 202657.1%11.4%9.3%11.4%6.2%0.95%1.9%1.7%
Sep 202653.1%8.9%16.5%10.9%5.9%0.84%2.5%1.4%
Oct 202652.8%16.4%8.9%8.9%7.2%2.5%2.2%1.1%

How has branded search for Direct Capital and Waterman Capital changed in New Zealand over the last 12 months?

3 findings
  • The lead changed hands 5 times in the 12 months ending October 2026: Waterman Capital took it in March 2026, Direct Capital took it in July 2026, Waterman Capital took it in August 2026, Direct Capital took it in September 2026, Waterman Capital took it in October 2026.
  • Across the 12 months ending October 2026, Direct Capital’s share of searches among private equity firms in New Zealand moved from 11.7% to 8.9%, and its estimated monthly branded searches moved from 480 to 320.
  • Across the 12 months ending October 2026, Waterman Capital’s share of searches among private equity firms in New Zealand moved from 9.5% to 16.4%, and its estimated monthly branded searches moved from 390 to 590.

How did search popularity change for New Zealand private equity firms in October 2026?

2 changes

  1. In October 2026, Waterman Capital overtook Direct Capital and Pioneer Capital to rank 2nd among private equity firms in New Zealand, with 16.4% of the searches.

  2. In October 2026, Direct Capital lost share of searches among private equity firms in New Zealand, from 16.5% to 8.9%.

How are Direct Capital’s and Waterman Capital’s branded searches counted?

2 search terms

Brandwave collects information about searches that people make online using Direct Capital’s and Waterman Capital’s names. When viewed over time, estimated search volumes for these branded terms can be used to understand whether interest in the brands is growing, holding steady, or fading.

Direct Capital

1 branded search term

  • direct capital

Waterman Capital

1 branded search term

  • waterman capital

How the Brand Demand Index is measured

Other head-to-heads among private equity firms

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