The review makes it clear PEP’s deal makers have been incredibly busy – 10 deals in the past 12 months – but also shows that it may not be as easy for PE managers to make money for investors as it used to be.
PEP’s current funds (albeit with plenty of unrealised assets) trail returns set on its two previous vehicles, which both made more than two-times money for investors after fees.
Pepper and its brokers are expected to outline a $450 million to $500 million deal at 10.5 times to 11 times forecast profit. A bunch of funds have already taken an early look.
Listed lithium play Ioneer Ltd is following in buy now, pay later success story Afterpay’s footsteps – and not just in terms of a big share price rise.