Popular New Zealand racing identity Philip Vela has died peacefully at his home.

With his brother Peter, Philip Vela founded New Zealand Bloodstock after buying Wrightson Bloodstock in 1997.

The brothers, who also operated one of New Zealand's largest fishing companies, bred and raced many good horses, most notably 2001 Caulfield and Melbourne Cups winner Ethereal.

Romanee Conti, Grand Echezeaux, Noble Heights and Riverina Charm were other outstanding performers to carry their blue and white hoops while their Pencarrow Stud regularly sold top-priced yearlings at the Karaka sales, including Darci Brahma.

In 2013, the brothers amicably split their business interests with Peter taking control of the bloodstock holdings and Philip taking sole charge Vela Fishing, an enterprise started by their father Filip who emigrated from Croatia in 1920.