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Tasman Capital completes buy-out from Nikko Citi Holdings04/08/2008. Source: AltAssets. 
 Australia and New Zealand-focused mid-market private equity firm Tasman Capital Partners has been formed as the result of an MBO of the Nikko Principal Investments Australia business from Nikko Citi Holdings.
The spin-out was backed by a consortium comprising Australian private equity firm Ironbridge Capital and GIC Special Investments, the private equity division of sovereign wealth fund Government of Singapore Investment Corporation.
The newly launched firm has acquired the private equity investment portfolio of Nikko Principal Investments Australia, comprising Melbourne-headquartered fleet leasing business FleetPartners and New Zealand equipment rental company Hirequip. Nikko Principal Investments Australia, alongside their respective management teams, acquired FleetPartners and Hirequip in 2006.
Tasman is currently in the process of raising a new fund to invest in mid-sized Australian and New Zealand businesses, the firm said. The fund has a target of AUS$350m and a hard cap of AUS$400m.
The new firm will be led by managing directors Rob Nichols, Janine Middleton and Gene Lorenz.
Nikko Principal Investments Australia was established in 2006 when Nikko Cordial Corporation recruited members of DB Capital Partners to set up a new private equity business.
In January 2008, Nikko Cordial Corporation became a subsidiary of Citigroup Japan Holdings.
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