Sydney-based Allegro Private Equity has commenced capital raising for its second fund, which is targeting a A$200 million to A$250 million final close, a spokesman with the firm told PEI Asia.
The newly launched Allegro Fund II will target “the smaller end of the mid market” and make growth and distressed investments up to A$30 million in size.
The fund, which is expecting a first close in September, has yet to be invested from; however it is currently looking at two “exclusivities” in Australia. The fund will target deals across multiple sectors, the spokesman added.
Allegro makes growth and turnaround investments in Australia and New Zealand in businesses with enterprise values of between $10 million to $150 million.
The firm was established by investment veterans Chester Moynihan and Adrian Loader in 2008. Prior to Allegro, the duo founded and ran corporate advisory and private equity investment firm Quay Capital, where they advised management teams participating in management buy-outs and buy-ins and led the turnaround and profit improvement of distressed businesses.
Allegro acquired stakes in six Australian companies after being appointed manager of the former ABN Amro Capital Australia portfolio in September 2008. The firm replaced the investment team from ABN Amro after its global parent was acquired by a consortium of Fortis, the Royal Bank of Scotland and Santander Bank.
Current Allegro portfolio companies include Melbourne-based Monash IVF, a provider of assisted reproductive technology services such as in-vitro fertilisation with operations throughout Victoria, Queensland, New South Wales and New Zealand; Babies Galore, a baby goods retailer with operations in New South Wales and Queensland; and Discovery Holiday Parks, Australia’s largest owner and operator of caravan parks.
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