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Private Equity
allegrofunds.com.au

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Investments

11

Portfolio Exits

2

Funds

4

Partners & Customers

1

About Allegro Funds

Allegro is an independently owned Australian fund manager investing primarily in mid-market businesses within Australia and New Zealand.

Allegro Funds Headquarter Location

95 Pitt Street Level 1, Plaza Building

Sydney, New South Wales, 20000,

Australia

+61 2 8228 8700

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Latest Allegro Funds News

PE hotshots: The top 20 under 40 in 2021

Dec 28, 2021

The rock stars of the industry are slowly changing and, finally, more women are rising towards the top. Share It was hits and misses for private equity in 2021. For all the talk of an M&A boom and record M&A activity, the big end of town largely kept their guns in their holsters, either unable or unwilling to keep up with strong equity market valuations and the new wave of private capital. The smaller end of the market was abuzz all year. They’re hooked on unearthing the next Canva or Kogan.com, trying to cut a $20 million or $50 million cheque to bankroll a founder’s grand plans for growth. The growth funds are butting heads with venture capital firms, just like the bigger PE firms are running into direct investment teams from the big superannuation funds and core-plus infrastructure managers (think Morrison & Co or QIC’s healthcare investments or buyouts from Macquarie’s MIRA). There’s an extreme blurring of the lines between what is and isn’t private equity, as fund managers and underlying investors try to work out how to make the most of cheap money, maturing capital markets and limited opportunities. For the dealmakers, it means rethinking how they cover an expanding field of financial sponsors. There are still sponsor bankers and private equity lawyers in each of the firms, but they’re not just chasing KKR & Co and/or Bain Capital for deals; they have a whole new universe of potential buyers and sellers. Hot demand When auctions start, if the infrastructure cohort is turning up, the traditional PE guys will look elsewhere. Cancer care provider Icon Group was a case in point ; all the big PE shops looked, before it emerged as a two-way battle between Ken Wong’s infrastructure team at EQT and Morrison. Then there’s the fintech bankers – like Goldman Sachs hotshot Michael Ginzburg, fresh from netting the Wall Street giant a $90 million fee at Afterpay – who are covering PE and PE-like investments from another angle. So the rock stars of the industry are slowly changing. Yes, the BGH Capital/PEP/Quadrant top dogs will never have to buy a drink at an AVCAL conference, but the likes of MIRA’s Ani Satchcroft and Kieran Zubrinich, Morrison’s Paul Newfield and EQT’s Wong, as well as the industry super gatekeepers and offshore LPs (Ontario Teachers Pension Plan, for example) are in hot demand too. It is also good to see that all the PE industry’s talk about promoting women is finally seeing more women rising towards the top. Perhaps it’s not going to be a “cock forest” for much longer , to use the vernacular of our esteemed colleague Joe Aston. Advertisement Young gun women to watch include Quadrant Growth Fund’s Louise Haslehurst, who led its investment in Cancer Care Partners, and looks certain for start in next year’s list, KKR’s Anna Kilmartin and Victoria Clarke, Alicia Hua at CPE Capital, Adamantem Capital’s Georgina Varley and Katie Wood, Advent Partners’ Isabella Blakiston, Five V’s Nikita Pandit and TPG’s Jaclyn Ying. There’s also plenty for firm founders to think about when it comes to the other perennial hot topic in the industry – succession. Adrian MacKenzie and Srdjan Dangubic’s Five V Capital, less than a decade old, gave pause for thought when it cut ASX-listed Pinnacle Investment Management into its ownership group . Pinnacle should be able to help Five V raise future funds – not that it had been struggling! – and perhaps map the way for its dealmakers to really cash in. Remember, the race to be Australia’s first private equity billionaire is still running. Keep an eye on Chris Allen and co – now at Corrs Chambers Westgarth – and honourable mentions to Apollo Global’s Samuel Green who’s got a big fund to put to work, Ares Investment Management’s Peter Graf, Colinton’s David Slocomb, Lempriere Capital’s Alice Wells, Miles Advisory’s Lloyd Way and Crescent Capital’s Stuart Butterworth who made a motza with his boss Michael Alscher at Nucleus Network. The young stars Mark Chudek of Quadrant Private Equity was poached by the buyout firm in 2021. Mark Chudek, Quadrant Private Equity When your former boss tells a fellow PE statesman that the person in Australian PE to hire is Mark Chudek , it’s a pretty strong endorsement. And when Quadrant PE chairman Chris Hadley followed up ex-Affinity boss Brett Sutton’s recommendation, Chudek found the offer too good to refuse . So it’s Chudek’s third appearance on the dealmakers list, but the first at his new shop. Before jumping ship to Quadrant, he closed the curtain on his near decade career at Affinity Equity Partners by leading an exit of the largest health-tech PE deal in Australia with the $350 million sale of MedicalDirector to Telstra , and helped Sutton (who now leads CVC Australia) in originating the firm’s highly profitable investment in Virgin Australia’s Velocity Frequent Flyer. Advertisement Samara Insoll, Mercury Capital Partners It’s hard to make it to the top in PE. Plenty of up and comers, particularly women, take a few years’ experience, then jump to the corporate side and work their way up the ladder. Staying in PE can be ferocious. Insoll, a 33-year-old from Queensland, isn’t going around the side – she’s fighting her way through the middle. She’s fresh off a three-month stint with one of Mercury Capital’s portfolio companies, Squiz, and looks after its stake in Ticketek owner TEG. Insoll’s part of a team of hungry dealmakers learning at the feet of Mercury Capital CEO and chairman Clark Perkins who, along with Quadrant founder Chris Hadley, is the master of the proprietary deal. Samara Insoll of Mercury Capital takes no prisoners. Jeremy Trouncer, Allegro Funds Allegro Funds stepped up big time this year, and heavily involved in its push was 36-year-old Jeremy Trouncer. The turnaround manager hopped into the limelight when it acquired express parcel and freight business Toll Global Express , outpacing US bigwig Platinum Equity Partners in a hugely complex deal. The deal saw former owner Japan Post receive less than $10 million for the asset, though Allegro committed to write a cheque for a $500 million investment. Trouncer, the up and comer to firm heads Chester Moynihan, Adrian Loader and Fay Bou, was heavily involved, and also helped secure former AusPost head Christine Holgate to run it. He’s sure to have some fun this year, as he seeks to deploy the firm’s newly raised $600 million-plus sidecar fund. Beau Dixon, Anchorage Capital Partners Anchorage Capital Partners’ Beau Dixon is a “future leader”. Anchorage’s Beau Dixon pulled a rabbit out of the hat late in the year when he oversaw the firm’s investment in GBST – a sizeable UK, Asia and Australian wealth management platform administration business that was listed on the ASX until 2019. Dixon, a repeat returnee to the list, has been a key contributor to Anchorage’s recent success, including helping it acquire GBST, Rail First Asset Management, SPL and Contract Resources. Advertisement The dealmaker is highly regarded for his execution, origination and diligence skills, and ability to problem-solve and negotiate under pressure. He’s been pegged as a future leader at Anchorage. It comes after a big year for the Phil Cave-led buyout firm, ruling off the last of its Fund II exits. Steve Duncan, TPG Steve Duncan is cut from a different cloth to others in the PE industry. While he’s off-the-charts smart, Duncan has a disarming style that makes him easy for those on the other side of the negotiating table to deal with. He helped originate and nail soft drinks acquisition MADE this year (under Joel Thickins’ watch, of course), which has potential to turn into an interesting roll-up play. Duncan is a hustler and a self-starter. His main role in the TPG team is around technology investments, which had him front and centre as the firm chased Smartgroup. TPG missed Smartgroup but we wouldn’t rule out a second bite in 2022. Stephanie Dash, KKR Credit Stephanie Dash is a leveraged finance turned KKR dealmaker responsible for overseeing the debt process in all the firm’s Australian transactions. It’s a big job, particularly as KKR Australia runs into competition from the likes of EQT and CVC seeking to establish or re-establish domestic teams, and she’s working for another banker turned KKR top dog, Diane Raposio. Dash is thoughtful, pragmatic and a creative thinker. She’s young, but well regarded at KKR and making her mark in the wider capital markets. Marc Rubinstein, Rothschild Few bankers did more work for PE clients in 2021 than Rothschild & Co’s Marc Rubinstein. The consumer sector dealmaker had the Midas touch, working for a cross-section of old and new PE players, particularly in health care assets. Advertisement He’s known for his deep involvement in transactions and getting at-times challenging deals over the line. Recent tombstones include advising Ontario Teachers’ Pension Plan on its acquisition of Healthscope’s NZ pathology business, selling fashion label Zimmermann, advising Crescent Capital when it sold MyHealth to Medibank Private , running Everlight’s protracted sale for ICG, helping QIC into PEP’s Evolution and getting private equity set in Kiwi IVF business Fertility Associates. Noah Obradovic, Allens Allens partner Noah Obradovic: “Not just a pretty face.”  If you missed Noah Obradovic staring sultrily into the camera in 2019, he’s back. After one year off the young dealmakers list, Allens lawyer Obradovic has stormed back on with a huge second half of deals. He advised PEP on a trifecta of late asset sales – Lifehealthcare, AutoPacific and WINconnect – worth close to $2 billion combined, and helped alternatives bigwig Cerberus Capital close its acquisition of Westpac Banking Corp’s auto loans business carve out. Obradovic has become a go-to for some of the region’s biggest PE investors – Bain Capital, Baring PE – and is renowned for cutting through the noise and focusing on whatever matters to get the deal done. That often means finding common ground with opposing lawyers. Gareth Woodbridge, KKR All eyes on KKR managing director Gareth Woodbridge. KKR’s fighting hard to keep the old PE guard in the frame – and Gareth Woodbridge is in the thick of its deals. KKR, after a huge 2019 and 2020, missed out on PEXA, before turning around with a $1 billion-plus acquisition of Probe. Woodbridge oversaw the investment with the help of KKR newcomer (and ex Archer Capital operative) Ryan Boers. Next up will be to see if Woodbridge and his colleagues can realise some of their big Australian portfolio, including pubs group Australian Venue Co and Laser Clinics Australia. Importantly, he’s one KKR’s top brass are watching closely. Advertisement Elizabeth Cameron, Gilbert + Tobin Elizabeth Cameron is another from the market leading Gilbert + Tobin PE practice production line. She’s whip smart, renowned for solving tricky problems, and is close to some of the firm’s best clients including Quadrant PE, Five V Capital and TPG. Cameron worked on the Five V/Pinnacle deal with Rachael Bassil. Cameron gets on the list, but it would be an oversight not to mention her colleague, Melbourne-based Alex Kauye, who was one of G+T’s youngest ever partners and rounds out its PE powerhouse trio of Peter Cook, Bassil and Kauye. The lawyer is tight with KKR, navigating its drawn-out and complex acquisition of a controlling stake in CBA’s Colonial First State. Srdjan Dangubic, Five V Capital The new face of private equity? Srdjan Dangubic from Five V Capital. Srdjan Dangubic, 37, has potential to become the new face of PE in Australia. He cut his teeth in a big global shop, but is now alongside Adrian MacKenzie at Five V Capital and making the sorts of investments (and returns) that the big shops can only dream about. While Five V cut plenty of cheques throughout the year, and secured some giant paydays ( Education Perfect, 10 times money ; Probe, 3 times money), the biggest play was selling a 25 per cent stake to Pinnacle Investment Management. Those who have worked alongside Dangubic reckon he’s unassuming, hardworking and incredibly likeable, and the sort of guy who can make a business founder cross into the world of PE. Kevin Xu, The Riverside Company Riverside’s Australian unit has quickly turned into of the most reliable performers in the local PE scen e under partners Nick Speer, Simon Feiglin and Steven Spiteri. The firm had its biggest year in Australia in 2021 adding four new platform investments and selling Waste Services Group to Livingbridge. Two of the mid-market powerhouse’s young guns are Nicholas Pejnovic and Kevin Xu. Both joined Riverside more than five years ago; Pejnovic from Macquarie’s industrials team and Bain Capital, and Xu from JPMorgan’s M&A team. Advertisement Xu had the bigger year this year, and was instrumental in its acquisition of Avance Clinical. He’s quick to understand new sectors and manage M&A processes to put Riverside in pole position. Pejnovic is known for being able to distill complex matters into simple conclusions, a skill he displayed on investments such as simulation software business Energy Exemplar, and his role in the growth of and exit from Waste Services. Andrew Bamford, PwC Andrew Bamford, a debutant on the list, is in PwC’s transaction services team in Melbourne. He’s a whiz at due diligence reports, particularly vendor DD, and being able to produce the reports to a higher quality and faster than just about anyone in the market. While transaction services gurus may not get the accolades of leveraged finance bankers or the top lawyers, they’re crucial to every PE deal and will remain so. Bamford does all of TPG’s project work, is well regarded for his interpersonal skills as much as his ability to model companies and their financial statements, and works for Rob Silverwood, who is PwC’s deals team leader in Melbourne. Terry Miu Neeland, Pacific Equity Partners Meet the industry’s next superstar: Pacific Equity Partners’ Terry Miu Neeland. PEP’s whole team had a standout year, particularly when it came to selling assets. But one name touted as a future superstar is Terry Miu Neeland. Neeland, who can solve a Rubik’s Cube in around one minute and has an “unbelievable” ability to absorb and process a large amount of information to get the right commercial outcomes, is a former Morgan Stanley investment banker who joined PEP in 2014. Neeland supported Matt Robinson on the Agright transaction and is driving iNova Pharmaceuticals. She’s been courted by other PE firms over the years, but has stuck with PEP and now spearheads a group of three or four directors who are slated to be the firm’s next leaders. Advertisement Alex Brown, Credit Suisse Credit Suisse is seeking to re-establish its stronghold on the local PE scene – and has ex-Citi banker Dragi Ristevski helping lead the charge. One of his key operatives is Alex Brown, who is at the heart of Credit Suisse’s sponsors coverage machine and works across M&A, equity capital markets and leveraged finance. Brown is said to possess meticulous attention to detail, the ability to run multiple deals at once and, perhaps most importantly, the trust of Credit Suisse’s major sponsor clients. He’s part of the team that helps Credit Suisse end this year as No.1 or No.2 sponsors house. Chris Coates, Quadrant Private Equity Quadrant’s Chris Coates is a “tenacious deal originator”. Chris Coates’ status as a young gun was confirmed when he was promoted to partner at Quadrant Private Equity this year. If you believe the chat in PE circles, it makes him the youngest partner at one of the established shops since Ben Gray at TPG about 15 years ago. Coates had a huge year, buying childcare group Affinity Education , co-running the Probe sale with luminary Jonathon Pearce, and adding consulting firm TSA Management and bolt-on acquisition CPA to Quadrant’s portfolio. Clearly, he deserves his recall to the young dealmakers’ list. Coates’ secret, according to those who have worked with and for him, is that he is a tenacious deal originator, backs himself to work harder than anyone else to get deals done and prioritises protecting relationships with management teams and founders. Sean Slater, Allier Capital Advertisement Allier Capital’s on a hot streak. Sean Slater, an MD and partner at the firm, has been in the thick of the action, helping Livingbridge PE acquire teleradiology business Everlight , selling New Zealand’s Pacific Radiology to Morrison and selling clinical research organisation Avance Clinical to Riverside . Slater’s one of the go-tos for Allier Capital boss Matt Stubbs, and part of a successful team that’s ticking over the deals for PE clients. Zac Midalia, Alceon It took only one year for Alceon PE’s new heads , Zac Midalia and David Wilshire, to show investors that they’re a formidable partnership. Midalia, 35, is the younger of the duo. He cut his teeth in the MH Carnegie & Co dealmaker factory (alongside Nick Molnar, Regal Funds’ Ben McCallum, Carthona Capital’s Dean Dorrell, Credible founder Stephen Dash etc), studied and worked in the US before returning home to Ruffy Geminder’s Kin Group. Now he has the keys to Alceon PE, and is making the most of it. The team signed four new deals in 2021, deployed more than $100 million and has a flexible strategy that is resonating with Alceon Group’s well-known founders and wealthy investors Matt Robinson, Pacific Equity Partners Matt Robinson’s one of PEP’s consistent performers, but had a breakout year thanks to the whopping $1.167 billion sale of Lifehealthcare to trans-Tasman strategic buyer EBOS. Robinson drove Lifehealthcare’s bolt-on acquisitions, which ended up a big part of the investment thesis, and was involved in getting PEP back into poultry via New Zealand’s Agright. PEP’s leaders regard him as a safe pair of hands. He also represents PEP on the board at industry body the Australian Investment Council. Michael Blickstead, Blackstone Blickstead’s on the list as one to watch. Fresh off four years investing in Macquarie’s principal finance team, the former Archer Capital dealmaker is taking the reins at Blackstone PE to once again work alongside industry doyen James Carnegie. Blickstead joined Blackstone PE as it signed its first new acquisition in years – Crescent Capital’s Nucleus Network – and has opened a new office in Sydney to double down on its presence in Australia. Blackstone is a giant globally – and you can bet all of its rivals will be watching to see what Blickstead can do with its Australian arm, both for its private equity and tactical operations strategies. Save

Allegro Funds Investments

11 Investments

Allegro Funds has made 11 investments. Their latest investment was in Perth Radiological Clinic as part of their Private Equity on July 7, 2019.

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Allegro Funds Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/25/2019

Private Equity

Perth Radiological Clinic

Yes

1

6/19/2019

Private Equity

Questas

Yes

1

12/31/2005

Growth Equity

Bluestone Capital Management

Yes

1

5/31/2005

Growth Equity

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10

Other Investors

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0

Date

7/25/2019

6/19/2019

12/31/2005

5/31/2005

Round

Private Equity

Private Equity

Growth Equity

Growth Equity

Other Investors

Company

Perth Radiological Clinic

Questas

Bluestone Capital Management

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Amount

New?

Yes

Yes

Yes

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Co-Investors

Sources

1

1

1

10

0

Allegro Funds Portfolio Exits

2 Portfolio Exits

Allegro Funds has 2 portfolio exits. Their latest portfolio exit was Great Southern Rail on September 14, 2016.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

9/14/2016

Acq - Fin - II

3

9/17/2015

Acquired

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10

Date

9/14/2016

9/17/2015

Exit

Acq - Fin - II

Acquired

Companies

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Valuation

Acquirer

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Sources

3

10

Allegro Funds Acquisitions

7 Acquisitions

Allegro Funds acquired 7 companies. Their latest acquisition was Toll Group - Global Express Unit on April 22, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/22/2021

$99M

Acquired Unit - Fin

3

5/4/2017

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$99M

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10

12/10/2016

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$99M

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10

9/7/2016

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$99M

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10

3/31/2015

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$99M

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10

Date

4/22/2021

5/4/2017

12/10/2016

9/7/2016

3/31/2015

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired Unit - Fin

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Sources

3

10

10

10

10

Allegro Funds Fund History

4 Fund Histories

Allegro Funds has 4 funds, including Allegro Fund III.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/12/2017

Allegro Fund III

Restructuring/Distressed Debt

Closed

$287.04M

3

6/25/2015

Allegro Fund II

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$99M

10

6/24/2015

Allegro Distress Fund

$99M

10

1/5/2006

Allegro Private Equity Fund I

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10

Closing Date

12/12/2017

6/25/2015

6/24/2015

1/5/2006

Fund

Allegro Fund III

Allegro Fund II

Allegro Distress Fund

Allegro Private Equity Fund I

Fund Type

Restructuring/Distressed Debt

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Status

Closed

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Amount

$287.04M

$99M

$99M

Sources

3

10

10

10

Allegro Funds Partners & Customers

1 Partners and customers

Allegro Funds has 1 strategic partners and customers. Allegro Funds recently partnered with Perth Radiological Clinic on July 7, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

7/26/2019

Partner

Perth Radiological Clinic

Australia

Exciting News: Perth Radiological Clinic partners with Allegro.

For this transaction , Allegro Funds has taken a minority stake and assembled a consortium of Limited Partners comprising First State Super and the Accident Compensation Corporation of New Zealand as cornerstone investors .

1

Date

7/26/2019

Type

Partner

Business Partner

Perth Radiological Clinic

Country

Australia

News Snippet

Exciting News: Perth Radiological Clinic partners with Allegro.

For this transaction , Allegro Funds has taken a minority stake and assembled a consortium of Limited Partners comprising First State Super and the Accident Compensation Corporation of New Zealand as cornerstone investors .

Sources

1

Allegro Funds Team

5 Team Members

Allegro Funds has 5 team members, including current Chief Financial Officer, Jennifer Cheung.

Name

Work History

Title

Status

Jennifer Cheung

Chief Financial Officer

Current

Adrian Loader

Founding Partner

Current

Fay Bou

Healthcare Growth Partners, PAG, Babcock & Brown, and Pacific Equity Partners

Managing Director

Current

Albert Farrant

Managing Director

Current

Chester Moynihan

Managing Director

Current

Name

Jennifer Cheung

Adrian Loader

Fay Bou

Albert Farrant

Chester Moynihan

Work History

Healthcare Growth Partners, PAG, Babcock & Brown, and Pacific Equity Partners

Title

Chief Financial Officer

Founding Partner

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

Current

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