Australia’s Pacific Equity Partners set to raise $1.7 billion in new buyout fund: AFR

Pacific Equity Partners (PEP), one of Australia’s largest buyout firms, is close to raising A$2.5 billion ($1.7 billion) in its new fund, The Australian Financial Review reported on Thursday.

The Sydney-based firm is expected to receive the final commitments for its Fund VI in coming weeks, and is ready to start using money to invest, the newspaper said, citing anonymous sources.

A spokesman for the firm declined to comment.

Australia’s private equity capital levels have hit a record high this year at $30 billion, with double-digit growth in private equity M&A activity, according to researcher Prequin.

PEP has signed five deals and secured a handful of sales in the past 12 months, the paper reported, adding that commitments for the firm’s new 10-year fund came from domestic and international investors.