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S Hunting

Do any Aussie private equity firms get more than 20% carry?


I work for one of the industry super funds. We are a major investor in alternative assets, including PE. In fact we were one of the first Australian super funds to support the private equity and VC market.

I can tell you with pretty much 100% certainty that there is no Australian firm getting over 20% carry. I think I have seen every IM to come out in the past five years.

To your comment about a few Australian LPs setting tough terms -- I assume you mean industry funds like mine, IFS, Wilshire, etc. While I agree that supply/demand plays a rrole, so there is a degree of truth in what you say, it also should be said that we were investing in a unproven sector in a new geography. As private equity has proven itself in Oz, terms have pretty much reverted to US/European norms/means. (Not intended to be defensive, but that's what I genuinely believe).


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