Market volatility is pushing down asset valuations and encouraging a wave of fresh interest from private equity houses, which is presenting an attractive opportunity for lenders prepared to finance deals.
This is the view of Peter Szekely, managing partner at Sydney- and Hong Kong-based Tanarra Credit Partners, who has been out meeting Australian investors in recent weeks.
Tanarra, founded by former Lazard managing director John Wylie, is onto its second fund after its first fund closed at $300 million, with a brace of institutions participating, including UniSuper.
The second fund is open ended and is now up to $475 million with a long-term target of $2bn. While the first fund was institutional money only, the second fund also includes wholesale investors, some of whom have come through a new channel partnership with GSFM.