Xero director Craig Winkler, who co-founded now rival accounting software firm MYOB in 1991, is also a trustee of Yajilarra Trust, Jenkins said.
Massachusetts-based venture capital firm Matrix Partners holds 9 per cent.
Facebook billionaire Peter Thiel, who also co-founded e-commerce business PayPal in 1999, is in Xero's top five with a stake of 6.69 per cent.
Hamish Edwards, who co-founded Xero with Drury, holds 4.54 per cent while Xero director and TradeMe founder Sam Morgan holds 4 per cent.
Fidelity Investments, a Boston-based financial services firm with US$1.7 trillion of assets under management, sneaks into Xero's top 10 with 0.62 per cent of the shares.
Blackrock, which calls itself "the world's largest asset manager" with US$3.8 trillion under its umbrella, owns 0.37 per cent of the shares. Auckland-based Milford Asset Management is within the top 20 with 0.11 per cent or 138,818 of the firm's shares.