Pacific Equity Partners’ launch of Australia’s first continuation fund speaks to the growing weight of capital that wants to back private ownership.
As Peter Costello, Future Fund chairman said in September: “We think we’ll have to allocate more into private than public markets because there will be more productivity and innovation there.
“In real life that doesn’t work,” he says. “If you’re in a business over many years, you have to sell quality assets that have real value to the buyers.” Sims says it has taken time for the model to be proven overseas and to be adapted by PEP to the local environment. “Strangely, there’s nothing more conservative than the large institutional international investment market,” he says.
“The world’s most sophisticated endowment funds and pension funds allocate as much as 50 per cent of assets under management to private markets, but individuals less than 5 per cent in terms of their allocation,” Ovchar says. The rollout of the product will gather momentum as the year progresses. “Experts are terrific at assessing the past, pretty good at describing the present, but often not all that effective at forecasting the future,” he says.
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