Victoria’s PE play on scrap metal recycling turns to junk
Pacific Metal was backed by the state’s investment fund and big super. But its collapse raises the question of whether governments can really pick winners.
Victoria’s foray into the glitzy world of private equity has hit a costly hurdle.
One of the first investments in its PE-style Victorian Business Growth Fund, a scrap metal recycling company that was going to decarbonise steel production and was dressed up as a “win for everyone”, has gone broke.
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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
