Private Equity

Volatility means opportunity

2022 was a challenging year for Private Equity (PE) dealmakers. It was a year of two halves, where the optimism and favourable investment conditions that characterised the back-end of 2021 quickly gave way to market turmoil, geopolitical instability and economic conditions that few could have foreseen only a few months earlier.

Although we expect 2023 to remain choppy, particularly in the first half of the calendar year, the near-term uncertainty is likely to present considerable investment opportunities.

Our expectation is that PE investors will see through the short-term volatility by targeting high-quality assets that can capitalise on domestic and international trends. Businesses that can deliver on long-term investment objectives by benefiting from the transition to a low-carbon economy, widespread technology adoption and demographic shifts will be in high demand in 2023.

Despite some obvious headwinds, we are optimistic about activity levels for the year ahead.

How we can help

Assisting in every aspect of your investment strategy

Our highly regarded private equity team has significant experience advising global and domestic private equity sponsors across the investment lifecycle, from establishment, complex buyouts, distressed investments, minority stakes, bolt-on acquisitions, take-privates, leveraged and syndicated financing, through to eventual exit, whether that be through initial public offering or divestment.

We also work closely with clients to structure tax-efficient and regulatory-compliant investment vehicles, raise capital and manage portfolios.

Focused advisers to the private equity sector

We have a team of lawyers dedicated to advising private equity sponsors. Our multi-disciplinary team understands the motivations and strategies of sponsors, investors and financiers, and our deal management approach reflects this, ensuring efficient service, executed with precision and in accordance with your timetable. We understand business cycles and investor risks and bring real value in formulating innovative and commercial solutions to manage these risks and meet your investment needs.

Bench strength to manage the most complex transactions

In response to the higher entry‑level valuations for quality businesses, we are continuing to see sponsors turn their sights to ASX‑listed targets. Our market-leading experience in public company takeovers and schemes of arrangement has seen our team advise on some of the largest and most complex PE take-privates and consortium bids in Australian history.

Leveraged finance 

Leveraged buyout deals often involve various layers of debt and complex inter-creditor issues. We work with financiers, borrowers/acquirers, agents and arrangers to develop innovative solutions. Having advised on the first unitranche loan in Australia, and since advised on the majority of such financings in the market, our clients can confidently navigate market terms, deal structures and ‘hot points’ which are often critical to the success of a bid.

Bringing a strong understanding of investor needs to our work for you

In addition to our strong practice advising sponsors, we also have a strong investor practice enabling us to bring investor insights and a deeper understanding of investor needs to our work for you.

What's trending in the market: PE Horizons


Blackstone's disposal of La Trobe Financial

Advised Blackstone on the $1.5 billion disposal of diversified credit asset manager, La Trobe Financial, to Brookfield Asset Management.  

Bain Capital's sale of Only About Children

Advised Bain Capital on the $450 million sale of early childhood education care provider, Only About Children.

Quadrant's acquisition of Jaybro

Advised Quadrant on its acquisition of Jaybro, Australia and New Zealand's leading supplier to the civil construction and infrastructure sector.

Investment in Perfection Fresh

Advised an Equilibrium Capital led a consortium on their investment in one of Australia's largest privately owned fresh produce businesses, Perfection Fresh.

Acquisition of Spark Infrastructure

Advised a consortium comprising KKR Infrastructure, OTPP and PSP Investments on the $5.2 billion proposed acquisition of Spark Infrastructure.

KKR's take-private of Ramsay Health Care

Advised a KKR-led consortium in relation to their proposed take-private of Ramsay Health Care by way of scheme of arrangement.

TA Associates-led bid for Infomedia

Advised a consortium comprising TA Associates and Viburnum Funds on the proposed acquisition of Infomedia by way of scheme of arrangement.

Livingbridge's acquisition of the Waste Services Group

Advised Livingbridge on its acquisition of the Waste Services Group from The Riverside Company, The Silverfern Group and other shareholders.

Pacific Equity Partner's disposal of WINconnect

Advised Pacific Equity Partners on the disposal of WINconnect to Origin, as well as certain assets to Intellihub, as part of a related and inter-conditional strategic investment by Brookfield in Intellihub.

Grok Ventures' bid for AGL Energy

Advised Grok Ventures on the $9 billion proposed acquisition of AGL Energy by way of scheme of arrangement.

Cerberus' acquisition of Westpac's auto finance business

Advised Cerberus’ Angle Finance on its acquisition of Westpac’s motor vehicle dealer finance and novated leasing business, including $1 billion of existing wholesale dealer loans and all future novated leases.

Pacific Equity Partner's disposal of Lifehealthcare

Advised Pacific Equity Partners on the $1.167 billion sale of Lifehealthcare to Australasian health care group EBOS.