Australian PE firm BGH Capital looks to raise $2.2b for second fund

BGH Capital founding partner Ben Gray. Photo: BGH Capital website

Melbourne-based private equity firm BGH Capital is looking to raise A$3 billion ($2.19 billion) for its second fund, according to a document from the Washington State Investment Board (WSIB).

WSIB said in a statement on Thursday that it has committed A$480 million ($348 million) to the vehicle — BGH Capital Fund II.

BGH Capital, which is focused on investing in mid-market companies in Australia and New Zealand, had closed its first fund at A$2.6 billion in 2018.

It was the largest-ever debut PE fund raised for investments in the region. The fund counted Singapore’s Temasek and GIC as investors. Other limited partners in BGH’s debut fund are AustralianSuper, the second-largest pension fund in the country, Canada Pension Plan Investment Board, and the Ontario Teachers’ Pension Plan Board.

BGH Capital was founded in 2017 by Macquarie Capital’s former Australia and New Zealand head Robin Bishop, TPG Capital’s former Australia and New Zealand PE head Ben Gray and former TPG exec Simon Harle.

The firm’s recent deals include a buyout offer for ASX-listed Hansen Technologies, a provider of software and services to the energy, water, and communications industries.

Earlier investments included travel tech company TripADeal, Healius Ltd’s primary care business, cybersecurity platform CyberCX, dental group Abano Healthcare, and theme parks operator Village Roadshow.

Among major private equity firms focused on the Australia and New Zealand markets is Pacific Equity Partners, which closed its sixth flagship fund last year with A$2.5 billion committed capital.

Allegro Funds this week announced a first close of A$500 million for its fourth buyout fund, and A$100 million for the sidecar. It targets to raise A$600 million plus sidecar.

Firms such as Quadrant Private Equity, Pencarrow Private Equity, and Anacacia Capital are also deploying a pool of nearly $1.1 billion for investments from their latest funds.

Separately, WSIB announced that it is investing up to $200 million in GTCR Strategic Growth Fund, which has a target size of $1.5 billion. The fund is run by GTCR LLC, a midmarket buyout firm based in Chicago. It will invest in healthcare, media and telecommunications, financial services, and technology, according to WSIB.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.