The sale process for the Kiwi wealth management business Fisher Funds has gone quiet of late, but apparently at least one suitor was kicking the tyres in recent weeks.
DataRoom understands that a private equity suitor from New Zealand has been showing some interest.
One possibility is the New Zealand buyout firm Direct Capital, which has invested in a number of New Zealand companies such as Mondiale VGL, Hiway and New Zealand King Salmon.
As DataRoom earlier reported, other names such as Blackstone and Permira were around the hoop, but that was some time ago.
Fisher Funds describes itself as one of New Zealand’s largest specialist investment managers, with more than 250,000 New Zealanders investing in its KiwiSaver and managed funds.
It is for sale through Macquarie Capital. Fisher Funds is 34 per cent-owned by private equity firm TA Associates and chaired by well-known Australian businessman David Clarke.
It purchased Kiwi Wealth in 2022 for $NZ310m, creating a business with $NZ22bn of funds under management.
The business is among a number that have come up on offer across the Tasman, but tough economic conditions have left a number of buyers on the sidelines.
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