ABN AMRO Capital Sleeps With The Fish

Some readers will remember me predicting that ABN AMRO's team wouldn't last long.  I got comment heat from JP Kauymer's family, which was silly, because all I was suggesting was that a spinout was on the cards. 

The ABN AMRO team was indeed heading in that direction, but unfortunately they never made it to the finish line.  Two months ago ABN AMRO Capital became the first Australian private equity manager in memory to get fired by its limited partners.  (See article in Super Review).

So the list of failed or spun-out Australian private equity captives just gets longer and longer:

ABN AMRO Capital (fund transferred to Allegro)

ANZ Private Equity (being closed down)

Mainridge (spinning out of Hastings/Westpac)

Tasman Capital (spinning out of Nikko/Citigroup)

Colonial (closed down)

Propel (The DB Capital guys)

Accede (More DB Capital guys)

Accretion (The old NM Rothschild Arrrow Dev portfolio)

Catalyst (spun out from PPM)

GS Equity (Archer)

Gresham Private Equity (Ironbridge)

Macquarie Direct (Next Capital)

Westpac (Quadrant Private Equity).

My next pick?  AMP Capital.  I can't see them raising another fund in this environment.

Comments

[MC]

Great to see you back GP.

So what's this about ANZ private equity being closed down? Any chance you put up a new post on the details?

[GP]

Hi MC,
ANZ announced a review of the private equity business back in September, and business head, David Tonuri, resigned at that time.

I don't know if ANZ has formally announced the outcome of the review yet, but my friends at the bank tell me the business is being wound down.

See relevant article: http://business.theage.com.au/business/anzs-opus-after-opes-to-hit-home-20081005-4ub2.html

Regards
GP.