“In the Australian markets, the pickings might be sweetest in the smaller to lower end of the bid market,” he says. “Fewer managers with more money are going to be looking to do bigger deals. So, fewer dollars will be invested in the smaller mid-market. “That area will be starved of money, and arguably the potential returns are very good because you’re taking on a non-institutionalised business built by an entrepreneur. “Australian super funds’ bite sizes are going up so much that it’s going to be hard for managers operating in the smaller to mid-space to get a bit. I don’t like what I’m seeing. The managers that had been doing deals of $20 million are now moving up to the $50 million space. “In private-equity land, they’re saying they want fewer manager-relationships, not more. So, there’s going to be some weeding out in manager land. This is not a positive trend.”