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Archer Capital reduces management fee on A$1.5bn buyout fund

8 Aug 2013

australian dollarAustralian private equity firm Archer Capital has reportedly temporarily reduced the management fee on its $1.5bn fifth fund, which is taking longer than expected to invest.

The firm has lowered the fee to 1.6 per cent from two per cent, said the Wall Street Journal, citing people familiar with the matter. Archer acquired the aged care unit of Lend Lease Group for A$270m in February this year in the only investment made from the fund so far.

The LPs that have backed the vehicle include Canadian pension fund CPP.

There have been few large buyouts in Australia in the past 18 months and other private equity firms that are active in the country, Carlyle and Bain, haven’t made any deals in the country since 2011, the report noted.

Earlier this year Archer sold petrol station and oil import terminal business Ausfuel to Puma Energy.

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