The $2.1 billion Westscheme multi-industry fund has acted on concerns around a ‘bubble’ in domestic private equity, avoiding later-stage deals unless it can invest directly.
Westscheme chief executive, Howard Rosario, said the fund was currently avoiding funds of later-stage deals like management buy-outs, in preference for funds focussing on early-stage and venture capital investments. Rosario said 3.3 per cent of Westscheme portfolios were now invested in private equity managed funds. A 3.6 per cent exposure to later stage holdings is mostly comprised of direct opportunities brought to the fund by asset consultant Access Economics. Recent examples of deals on which Westscheme and Access have negotiated terms directly are the fund’s $42 million exposure to Moto Hospitality, and $28 million investment in Icon Parking Systems.
28/11/2006
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Investments
The on- and off-stage antics at the extravagant Milken Global Conference in Los Angeles tell us a lot about where institutional capital is right on the money – and where it is putting its head in the sand. And while the event retains the extraordinary intellectual and financial firepower that has always been its signature, something has shifted. The absences are as instructive as what's on the program.
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