The private equity consultancy which broke away from Wilshire Private Markets last year is considering putting on a fourth partner, after raising five mandates from four institutional investors.
Continuity Capital Partners is in a growth phase after being set up last year by three senior investors from Wilshire.
Ovidio Iglesias, Grant Fleming and Bill Humphreys were managing $3 billion from Australian investors in Wilshire’s Australian and offshore private equity fund-of-funds, before leaving in March 2010 alongside numerous other Wilshire executives, including operations executive Justin Steven who joined them at the new firm.
Continuity has since picked up five segregated private equity multimanager mandates with four clients, including Wilshire client Health Super.
Two of the three partners, Iglesias and Humphreys, previously worked together at Towers Perrin and it’s understood another former colleague from that firm has been approached with a view to joining in future.
Iglesias said savvy investors had regained their enthusiasm for private equity, realising that softer economies historically made for higher long-term returns on private equity deals.
“The global economy is soft and certainly the industries at the wrong end of Australia’s two speed economy are as well. We’re seeing some great buying opportunities in areas like retail,” Iglesias said.
“I think we’ll look back and say the 2010-2011 vintages were along the best for private equity. Capital is king at the moment, so investors are able to command very friendly terms.”
Meanhwile it’s understood that Wilshire’s new private markets boss in Australia – former Future Fund private equity head Gary Gabriel – is looking for a 2IC in Melbourne.