Stafford selected for $220m PE co-investment mandate
Stafford Capital Partners will continue its long-running Australian private equity (PE) co-investment program with First Super, with a $220 million mandate converting it into an Evergreen structure.
The program, which commenced in 2010, has produced an internal rate of return (IRR) of over 20 per cent p.a. since inception. Now with an Evergreen structure, the program will see investment proceeds recycled and re-invested into new co-investment opportunities.
“First Super is looking forward to continuing to support this important part of the Australian economy,” First Super’s CEO, Bill Watson, said/
“Our size means we can continue to invest our members’ retirement savings in Australia, rather than in offshore private equity.”
Co-investments will be made in small-to-medium-sized Australian companies that are expected to generate strong returns. The program will also leverage the “specialised ESG [environmental, social and governance] diligence framework” developed by Stafford and First Super.
“This strategy’s strong focus on active management of ESG risks sets it apart within the private equity asset class, delivering strong benefits beyond the significant bottom line net returns,” Stafford’s Australian Private Equity Partner, Daniel Bowden, said.
“It is exciting that following several recent exits from First Super’s original program, there is dry powder available to reinvest under the ESG PE co-investment program.”
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