PE money man Michael Lukin’s chase for the holy grail within reach
For 20 years, private equity funds have planned assaults on Australia’s non-institutional investor set. It’s finally happening, and is possible because of one thing.
Twenty years ago, private equity salesmen (they were nearly always men) were running around with all sorts of structures to try to lure non-institutional Australian money into their sector.
What we got was a smorgasbord of listed and unlisted things that didn’t quite work. They were too small, too illiquid and Australia’s wholesale investors (family offices, high net worth and ultra-high net worth individuals) didn’t take the bait. Unlike superannuation funds, they were less put off by fees than the structures, and frustrated Australian PE firms had to keep raising most of their money offshore.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
