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Aussie LP

Gresham model is not sustainable. Wesfarmers are under serious pressure from equity analysts to stop backing the PE fund (or ideally divest the entire Gresham asset). As you said, they raised retail (dumb) money last time ... this won't happen again.

I don't think the Ironbridge blow up is the key factor. Reality is that institutional investors are reluctant to put money into ANY captive fund these days.

Gresham may not like it, but the PE team may have to spin out to survive.

Joe B

I also heard that Propel have pulled their IM. Unlike Tasman they do have a fairly large size portfolio, so this might be a smart strategy.

They can come back when the market is better and meanwhile focus on the portfolio. This avoids being seen as a "tainted manager" that failed to raise a fund.

celebrity

Sounds practical, lets see how it works out

e

Aussie LP, can you comment on why LP are reluctant to put money into captive funds at all? Do you think the bigger IBs (e.g. MS, GS) will start spinning off their PE arms as well in future?

Aussie LP

Key issue with captive funds is sustainability. History says that if the team is successful it will eventually want to go independent.

Also, in the case of IBs, there is a history of changing strategy and jumping in and out of private equity. There have also been problems with conflict of interest with other parts of the bank (M&A/debt).

I can't predict what will happen at GS and MS, but in the last bull market GS struggled to retain there team and lost senior guys.

Ex-AMP Guy

I thought AMP private equity was winding down their portfolio? I'd be very surprised if they go ahead with a new fundraising.

Clark Kerr

Accede Capital (http://www.accedecapital.com) is also a bunch of ex-DB Capital people.

So there are actually THREE team in Aus claiming some or all of the Deutsche private equity track record!

Wholesale

interesting blog and disicussion, thanks

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