Roc Partners is turning towards wealthy individual investors with a new open-ended fund it hopes will grow to $1 billion, making it the latest big buyout group to pivot as major industry superannuation players increasingly become rivals rather than financiers of private equity firms.

Roc was spun out of Macquarie in 2014 and now manages around $8.5 billion. The new so-called evergreen fund will launch next year, and is a departure from the usual structure of private equity firms. Until recently, those firms have raised money into closed-end funds, buying assets and eventually selling them to return capital to investors.