Ex-Macquarie execs launch Next
A new private equity firm created by three breakaway Macquarie Bank staff, Next Capital, has launched onto the alternative assets scene with a $265 million private equity fund.
The money was provided by institutional investors and the fund will not be open for more investments.
Co-founder Patrick Elliott, who was an executive in Macquarie’s private equity division, said the investors in Next were large super funds, which would allow “mum and dad” investors the chance to access the vehicle.
Joining Elliot to head up the new venture are Sandy Lockhart and John White, who also worked for Macquarie’s private equity arm.
White said the super funds that have invested in Next could not be named at present for confidentiality purposes.
Elliot said Next would target investment opportunities in most industry sectors valued at between $50 million and $200 million.
Acquisitions will take place over the next three to five years.
While at Macquarie, Elliott, Lockhart and John oversaw investments in JB Hi-Fi, Repco, Invocare, CH4 Volante and The Reject Shop.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
