Street Talk

Race for Perpetual wealth narrows as Bain Capital walks

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 27, 2025 – 2.57pm

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Is it last man standing in the battle for Perpetual’s $21.5 billion wealth management unit?

Street Talk understands private capital juggernaut Bain Capital has walked away from the Barrenjoey-led process almost two months after this column revealed its interest in the business.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.