PEP nears A$800m first close for new buyout fund


australian flagAustralian private equity firm Pacific Equity Partners (PEP) is reportedly nearing a first close for it’s a$2bn ($1.8bn)-targeting fund.

PEP expects to hold a first close of A$800m ($719m) for its Fund V, said Private Equity International.

Back in 2012 it was reported that the firm was preparing to launch its fifth fund with a A$3.5bn target.

The fund aims to collect about $2bn of core equity and up to $1.5bn in co-investment cash.

PEP’s previous buyout fund was closed with commitments of $4bn in 2008.

The company, which was founded 105 years ago and sells top-selling brands such as Drumstick and Eskimo Pie, is reported to be worth more than A$300m ($307m).

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