Gonski warns that small investors will lose out from super fund-led buyouts

Jonathan Shapiro and James Eyers

Updated Mar 4, 2019 – 4.48pm, first published at 4.33pm

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ANZ Banking Group chairman David Gonski says he expects more private equity raids on listed companies but says small investors will lose out as more firms disappear from public exchanges.

Mr Gonski's comments, made at a gathering of 1500 corporate directors, come as industry super funds are flexing their muscles and teaming up with buyout funds such as Ben Gray's BGH Capital to take out companies such as Healthscope and Navitas.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay