Duality heads to Istanbul to raise capital for New Zealand business succession

New Zealand is approaching the largest intergenerational wealth transfer in its history, with an estimated $1.6 trillion expected to change hands over the next 25 years (JBWere, The Bequest Report 2025).

For thousands of established business owners, this raises an important question: what happens to the business when they're ready to step back? Finding a buyer is only one part of the challenge. Finding capable successors, accessing capital and ensuring the business can continue to perform and grow without its founder can be much harder.

Duality sees an opportunity to bring these pieces together. Continuity Succession Fund is being developed to acquire succession-ready New Zealand businesses and hold them for the long term, rather than operating to a predetermined exit timetable. Through Duality's wider platform, acquired businesses will be supported with business redesign, leadership and ownership capability development, and hands-on operating expertise.

The objective is not simply to transfer ownership, but to build businesses capable of continuing to create value as their owners, leaders and circumstances change.

“Succession isn't solved by finding a buyer,” says Chris Hughes, Duality co-founder and former CEO of Switched On Group. “I've been the successor stepping in and I've been the one stepping out. Both come with significant responsibility.

“The business still needs to work the day after the deal is done. The people taking it forward need the capability and support to succeed, and the ownership needs to work for everyone involved.”

Camille Kathryn Hughes, Duality co-founder and founder of Continuity Architecture, says ownership succession often exposes dependencies that have accumulated over decades.

“Businesses are shaped by years of decisions, adaptations and workarounds. Over time, they can become dependent on a few individuals holding everything together. Changing the name on the share register doesn't change the conditions that created those dependencies.

“We're developing not just the next generation of business leaders, but the next generation of capable business owners.”

Chris and Camille founded Duality following their experience growing and transforming Switched On Group, one of New Zealand's largest privately owned facilities management businesses. Chris spent 25 years in the business, including six as CEO, while Camille led transformation across organisational design, people, systems and performance.

During their involvement, the business achieved a 283% increase in valuation and transitioned to iwi ownership with Te Rūnanga o Toa Rangatira. That experience informs Duality's approach to bringing together business redesign, capable people and aligned capital.

Continuity Succession Fund is the first proposed investment vehicle within Duality's wider ownership and operating platform. Its initial NZ$100 million capital target is intended to establish a repeatable model for acquiring, operating and growing good New Zealand businesses.

The founders see international investment as an opportunity to increase the capital available to established businesses while developing the capability required to sustain their growth.

“We want to see more New Zealand businesses become more productive, more capable of growth and more valuable to the people who own them, work within them and depend on them,” says Camille. “It's not just what you leave behind. It's what continues because of you.”