Survivor - The Australian Private Equity Tribe

After my gloomy post a few days ago, several readers asked whether I would share my Australian General Partner "survivability banding" as well as the full universe of local firms I included in the exercise [to call it "analysis" is definitely more than it deserves].

On reflection, I'm not comfortable providing the names of firms that I don't believe will survive through the current cycle.  What I have done though is to provide my full list and to indicate 15 14 of the GPs that I believe are in a particularly strong position to survive the downturn.

This is just one guy's view . . . please spare me the evil spam and threats of violence!

Larger Buyout

1.      Archer  **

2.      CHAMP **

3.      Ironbridge

4.      PEP **

Smaller Buyout

5.      Catalyst 

6.      GS JBWere

7.      Gresham

8.      Tasman Capital

9.      Quadrant **

Midmarket

10.  Accretion

11.  Advent  **

12.  Allegro

13.  AMP Capital

14.  Anacacia

15.Anchorage **

16.  Archer dev fund

17.  CHAMP Ventures  **

18.  Crescent  **

19.  Equity Partners

20.  Fulcrum Capital

21.  Hawkesbridge

22.  Helmsman

23.  Investec Wentworth  **

24.  Mainridge (Hastings)

25.  NBC

26.  Next **

27.  Propel

28.  RMB Capital Partners **

29.  Souls Private Equity

30.  Wolseley **

31.  Yarra Capital

Venture Capital

32.  Allen & Buckeridge

33.  CM Capital 

34.  Innovation Capital

35.  GBS  **

36.  Southern Cross 

37.  Starfish  **

38.  TVP

39.  Uniseed

Comments

[RJB]

GP,
I wonder what proportion of private equity firms die a natural death during a ten year cycle? As you said, they have key man provisions and people retire, teams break up, key investors change their focus, or the GP might be a division of a bank or something that has a strategy change.

There must be a certain Percent like 5% that is always dying?
BTW, great blog, keep it going.
RJB.

[nkalakatha]

I would definitely add Helmsman to the survivors' list with their $185m turnaround fund. With their experience from the major insolvency firms they are ideally placed in the current environment and if I was them, I would ask my GPs for dispensation to raise another fund. I'd go for something like $400m+.

[GP]

You're probably right. Both Helmsman and Anchorage are in the right place (distressed assets) at the right time.

GP