Allegro Private Equity launches Fund II
Allegro Private Equity announced it has launched a new fund called Allegro Fund II to raise more than $200 million to invest in the growing number of smaller mid-market private equity opportunities emerging in the post global economic crisis environment.
Allegro Fund II will invest in companies in Australia and New Zealand with an enterprise value of up to $100 million. It will target both turnaround businesses requiring capital to restructure or unlock growth potential, and emerging (non-distressed) businesses requiring funds to accelerate growth or affect a change in ownership.
Allegro joint managing director Chester Moynihan said Allegro Fund II is looking to capitalise on the promising vein of mid-market private equity investment opportunities emerging as the economic outlook of both Australia and New Zealand improves.
"Business owners are feeling more confident about bringing their companies to market and their businesses are in better shape when they do," Moynihan said.
"Prices for portfolio assets in this segment are also at more realistic values compared to the peak years before the global downturn," he added.
The launch of the new fund follows the strong performance of Fund I, which Allegro commenced managing in 2008. The firm has already secured Macquarie as its cornerstone investor.
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